President Abdel Fattah El Sisi directed the government to maintain all the policies necessary for economic and monetary stability.
Sisi also urged the bodies concerned to pay special importance to increasing and diversifying foreign currency reserves, consolidating local manufacturing efforts, supporting private business to maximize their role in achieving sustainable development and create more jobs for all.
The President made the directives during a meeting with the Cabinet’s ministerial economic group on Saturday 26/06/2021, in the presence of Prime Minister Mostafa Madbouli, Governor of the Central Bank of Egypt (CBE) Tarek Amer, and the ministers of planning, finance, international cooperation, public business sector, trade and industry, among others.
Sisi was briefed on the government’s 2nd review meeting to discuss its economic reform program with the International Monetary Fund (IMF), which culminated in the IMF board giving its approval in June 23 for releasing the final tranche of a $5.2 billion loan to the Egyptian government, Presidential Spokesman Bassam Rady said in a statement.
The meeting also discussed the main points in the IMF report in this regard, which commended the relative resilience of the Egyptian economy despite the coronavirus crisis, thanks to the government’s timely and balanced response.