Minister of Finance: Global crises have proven the validity of the Egyptian vision of maximizing production and export capabilities

Dr. Mohamed Maait, Minister of Finance, affirmed that the global crises have proven the validity of the Egyptian vision in launching development projects in backward sectors, in a way that contributes to maximizing productive and export capabilities, saying: “We must plant and manufacture … produce and export … and rediscover promising opportunities.” This is what it is working on. the government in its various organs; In implementation of the directives of the political leadership, which was reflected in the keenness to reduce burdens on production units in various sectors.

The minister added, in an open dialogue with professors and students at Misr University for Science and Technology, during the symposium “The Egyptian Economy…and the Fluctuations of the Global Economy” in the presence of Dr. Ashraf Haidar, President of the University, Dr. Sherif Refaat, Vice President of the University, Dr. Ahmed Samir, Dean of the Faculty of Management, Economics and Information Systems, and a number of Representatives of Parliament: “We worked with a strong and developed infrastructure that is more capable of absorbing production expansions,” explaining that our exports of natural gas, which amounted to $600 million per month, helped us a lot in paying a large part of the oil import bill, in light of the high price of a barrel to unprecedented global rates.

The minister indicated that we are betting during the next stage on a greater role for the private sector in enhancing our ability to continue sustainable economic growth, and recover from complex and recurrent global crises, starting from the “Corona” pandemic to the negative repercussions of the war in Europe and the burdens of facing the effects of climate change, which poses unique challenges. It is preceded by various countries, especially emerging economies and developing countries that suffer from an increase in fuel and food prices and the high cost of financing in international markets, explaining that the “State Ownership Policy” documentRecently approved by President Abdel-Fattah El-Sisi, it opens wide horizons for the private sector to participate in achieving growth that is based on production and export, as the state graduates from 62 economic activities to create promising and diversified opportunities to empower the private sector, in line with the efforts of a supportive and attractive environment for local and foreign investments in a manner It contributes to enhancing the rotation of the wheel of the economy and providing sufficient financial space to expand the umbrella of social protection for the most vulnerable groups, which are at the top of the presidential priorities in light of the global crises.

The minister said that we are committed to meeting the basic needs of citizens and working to mitigate the unprecedented international wave of inflation in light of an exceptional reality in the global economy, pointing to what was confirmed by Kristalina Georgieva, Director General of the International Monetary Fund, during the past hours, that the three main economies: «America and the Union Europe and China are all slowing down simultaneously.

The minister explained that the Egyptian economy has become more resilient in facing the most difficult global fluctuations in decades, with more diverse and comprehensive sectors and development projects that have a greater impact on the lives of citizens, including: “Haya Karima.”

This is the largest social and economic project in the history of Egypt, which contributes to developing the countryside, improving the quality of life of more than half of Egyptians, improving the services provided to them, and creating productive job opportunities in a way that helps in the fair distribution of the fruits of comprehensive and sustainable development. The minister added that the new draft budget for the fiscal year 2023/2024 focuses on enhancing aspects of spending on human development, with its axes health and education, completing the human building process, and social development with a higher targeting of the neediest segments in various governorates.

Economic development also by enhancing industrialization opportunities, deepening the local component, and encouraging exports, while making optimal use of the promising opportunities offered by the green transition for more sustainable growth, in a way that makes the country more capable of dealing positively and flexibly with the effects of external and internal challenges resulting from the current severe global shocks, explaining that we We aim to achieve a sustainable primary surplus of 2% of GDP and to reduce debt and budget deficit rates،And recording a growth rate of 5.5%, which contributes to achieving economic goals, meeting the development needs of citizens, and reducing unemployment rates. The minister indicated that we are continuing to implement the recommendations of the Economic Conference and the Climate Summit.

In a way that enables us to lay the foundations for a more sustainable and competitive economy that has greater capabilities to overcome global challenges, create opportunities for growth and progress, and achieve high growth rates rich in jobs, pointing out that we have major competitive advantages in the field of green economy, and promising projects in energy generation from Renewable and clean sources.