Egypt’s Prime Minister Mostafa Madbouly revealed that the new government seeks to achieve an economic growth rate of 4.2 percent and growth rates exceeding 5 percent on average during the new three-year Cabinet program.
Madbouly outlined Egypt’s new government program for the coming three years during a special session at the country’s House of Representatives. Under the program, the new government will handle the country’s pressing challenges including the economy and security.
Addressing Egypt’s major challenges
Egypt’s new government program aims to address three main challenges, completing the infrastructure and services projects nationwide, mitigating the repercussions of the global economic conditions, and addressing the challenges resulting from regional conflicts.
Madbouly vowed to end the power outage problem within six months, reduce rising prices and inflation, and control markets.
The program, which covers the period from 2024-2025 to 2026-2027, focuses on four key pillars:
- Protecting national security and bolstering foreign policy
- Building the Egyptian person and enhancing his well-being
- Building a competitive economy that attracts investments
- Achieving political stability and national cohesion
Read | UAE corporate tax: Natural persons and threshold for taxable turnover
New government sets economic targets
In addition to raising economic growth levels, Egypt’s new government aims to double the contribution of the green economy investment to the total public investments to about 55 percent by 2026.
Moreover, it seeks to raise private investments to 60-65 percent of total investment. In addition, it aims to increase the annual growth rate of foreign direct investments to around 14 percent by 2030. Finally, Egypt’s new government aims to increase exports by more than 15 percent annually and attract 30 million tourists by 2028.
For more economy news, click here.
