The statement did not specify the topics to be discussed at the conference.

Egypt is facing several economic challenges, especially a shortage in foreign currency and surging inflation.

The country is also awaiting a review by the International Monetary Fund (IMF) for the second tranche of the $3 billion loan announced in October 2022.

The review should have been conducted on 15 March, but IMF officials told Ahram Online that the review has not been conducted so far.        

Sources familiar with the discussions told Ahram Online in April that the IMF still requires the Egyptian government to take more measures to level the field with the private sector, adding that the review will be conducted before the end of the current FY2022/2023.

Currency Devaluation 

The pound has lost around 100 percent of its value since March 2022, trading at nearly EGP 31 to the dollar.

The devaluation of the currency caused inflation to soar. Egypt's annual core inflation peaked in February at 40.3 percent, before inching down to 39.5 percent in March.

 The annual headline inflation rate surged to 33.9 percent in March 2023, up from 12.1 percent in March 2022.

To mitigate inflation, the Central Bank of Egypt (CBE) raised interest rates by 8 percent in 2022. In March 2023, the central bank increased interest rates by another 2 percent.

The CBE's Monetary Policy Committee (MPC) will meet on 18 May to decide interest rates.