PM reviews economic situation amid regional tensions

2026-03-25 - 11:21

Prime Minister Mostafa Madbouly chaired a meeting of the economic ministerial group, stressing the need for close follow-up on economic files in light of ongoing regional military developments and their negative effects on global trade and supply chains. The meeting was attended by Deputy Prime Minister for Economic Affairs Hussein Eissa, Central Bank Governor Hassan Abdalla, Transport Minister Kamel el Wazir, Finance Minister Ahmed Kouchouk, Supply Minister Sherif Farouk, Investment Minister Mohamed Farid, Industry Minister Khaled Hashem, along with senior officials. Cabinet spokesperson Mohamed al-Homsany said that the meeting touched on ways of maintaining market stability and ensuring safe levels of strategic reserves of essential commodities. The talks also stressed continued support for local industry by securing production inputs and raw materials needed for factories. For his part, the Premier reaffirmed the government’s commitment to economic reforms aimed at maintaining financial stability and improving the investment climate, while encouraging private sector expansion. Meanwhile, the finance minister said that reforms will continue to support economic activity, production, and exports through balanced fiscal policies and continued tax, customs, and real estate facilitation measures. The meeting also reviewed an increase in remittances from Egyptians abroad, which rose by 28.4 percent between July and January of the 2025–2026 fiscal year to about $25.6 billion, compared to $20 billion in the same period a year earlier. They attendees also confirmed the availability of sufficient foreign currency reserves to secure essential imports and production needs.