Egypt's President Abdel-Fattah El-Sisi on Tuesday directed the government to cut public expenditure and go ahead with monetary reforms to improve the country's financial capacity and provide necessary resources for enhancing basic services offered to citizens in all fields.
El-Sisi's directives came during a meeting with Prime Minister Mostafa Madbouly, the Central Bank Governor and the ministers of planning, trade and public business sector, as well as other officials.
During the meeting, the president called for taking all key measures to establish a strong industrial base that is capable of meeting the local market's needs and maximizing the country's industrial exports, through making competitive products with high value-added, said Presidential Spokesman Bassam Rady.
El-Sisi reviewed with officials the state's financial performance and the government's efforts to strengthen the local industry and increase Egypt's non-oil exports, which in turn boost sustainable foreign currency inflows.
The meeting also expounded the state's financial performance indicators until the end of the third quarter of FY 2018/19, which saw an initial surplus and a decline in total public budget deficit.
El-Sisi discussed the government's strategy to increase exports based on three key axes, focusing on stimulating the local industry by establishing new industrial zones and implementing a program to construct more than 4,500 factories nationwide by the end of 2019.
The strategy also focuses on removing obstacles to exporters , promoting Egyptian products abroad and facilitating shipment procedures.