Egypt's Prime Minister Sherif Ismail (Photo: Al-Ahram)
Egypt's Prime Minister Sherif Ismail ordered on Wednesday the restructuring of the country’s ministerial economic committee, which he chairs with the governor of the central bank, the ministers of finance, trade and industry, international cooperation, planning, investment and public business sector.
The PM appointed the Minister of Finance Amr El-Garhy as director and spokesman for the committee, which is tasked with assessing economic policies and maintaining financial stability in the short, medium and long term.
Upon its reformation, Finance Minister Amr El-Garhy said that the PM’s directives included revising the country's economic performance and indicators every three months, as well as setting policies and making decisions to solve the country's economic challenges.
The committee's duties will also include communication with state institutions, formulating public opinion on economic decisions and promoting Egypt's economic reform programme among international financing organisations.
In 2014, Egypt embarked on a plan to introduce a number of fiscal reforms, including fuel subsidy cuts that increased prices up to 78 percent, as well as imposing new taxes to ease a growing budget deficit.