Prime Minister Mostafa Madbouly followed up on efforts of the External Debt Management and Borrowing Regulation Committee and assured his close monitoring of the committee’s work, which stems from the state’s efforts to continue sustaining the downward trend in external debt.
The Prime Minister noted that the state has made efforts to establish the determinants of external debt governance and borrowing, under a general framework that ensures they operate within safe limits.
This comes in light of a prioritized list of the country’s key requirements and projects, and the ongoing updating of cooperation frameworks with international development partners in accordance with the National Agenda for Sustainable Development.
The spokesperson for the Egyptian Cabinet, Mohamed al-Homsany, said that Madbouly met on Tuesday with the Governor of the Central Bank of Egypt (CBE) Hassan Abdullah, Minister of Planning, Economic Development, and International Cooperation Rania al-Mashat, Minister of Finance Ahmed Kouchouk, Minister of Investment and Foreign Trade Hassan al-Khatib, Deputy Minister of Finance for Fiscal Policies Yasser Sobhi, and the Deputy Governor of the CBE, Rami Abul-Naga.
The meeting reviewed a report by the Minister of Planning, Economic Development, and International Cooperation on external debt indicators for the fiscal year 2024-2025.
Homsany added that the minister addressed developments in external debt and its sustainability, highlighting the positive steps taken to enhance the impact of the National Structural Reform Program in improving overall indicators and enhancing external debt sustainability.
Mashat referred to efforts to achieve macroeconomic stability, enhance competitiveness, the business environment, and the green transformation, as well as improve the investment and export environment and financial solvency indicators.
He also highlighted the efforts to increase GDP at rates that exceed debt growth, in order enhance the ability to repay external debt.
Madbouly also chaired on Monday a meeting of the economic ministerial group on Tuesday, where he reviewed a number of important economic issues.
The official spokesperson for the Cabinet said that the meeting reviewed recent developments in the inflation rate, noting that it has witnessed a significant decline this year.
Edited translation from Al-Masry Al-Youm
