This came during the weekly press conference held after the cabinet meeting at its summer headquarters in New Alamein City.

Madbouly spoke about several issues, highlighting the impact of the recent fall of the US stock market on worldwide economic growth.

He stated that the market crisis over the past week led to significant stock selloffs and a decline in stock prices accompanied by the movement of funds, often referred to as "hot money," out of the country.

Madbouly pointed out that the Central Bank of Egypt (CBE) managed the situation effectively, reaffirming the state's commitment to maintaining a flexible exchange rate.

Furthermore, he said the government has data on the amount of hot money leaving Egypt, which, he said, exclusively belongs to the CBE and will not be disclosed.

Madbouly stressed, however, that the hot money that exited the Egyptian market constitutes less than 7 or 8 percent of the total liquidity in Egypt, which, he asserted, remains stable.

Moreover, he highlighted that political tensions have risen in the Middle East during the past week, adding "We don't know what might happen tomorrow; there could be further shocks that lead to many complications and problems for the state."

"We are all in a state of uncertainty regarding the developments and the crisis; no one knows what tomorrow will bring, especially with the tensions and Iran's reaction to the situation, and the potential consequences for the region, raising concerns about the conflict escalating on a larger scale," he stated.

Nevertheless, Madbouly stressed that the government aims for economic growth of around 5.5 percent in the first three years of its program and that starting from the fourth year until 2030, the target is a growth rate of at least 6 percent.

During the press conference, Madbouly emphasized the importance of maintaining these growth rates despite shocks to the Egyptian economy.

He pointed out that several countries such as China have experienced significant development by sustaining growth rates of 7.6 percent for a decade and that it was crucial for Egypt to achieve stable rates regardless of challenges.

Shortage in Fertilizers
 

Madbouly stated that the issue with fertilizers is similar to the problem with medicines, explaining that when there is a significant price gap between the actual cost of production and the subsidized price offered by the state, parallel and black markets emerge.

He disclosed that the government met with all fertilizer companies and that though a shortage of natural gas led to a decrease in fertilizer production, production levels have since returned to normal.

In addition, Madbouly emphasized that the focus is on ensuring that companies meet their obligations to the Ministry of Agriculture so that fertilizers are available to farmers.

He added that the government will announce how it plans to achieve stability in the fertilizer market, and he expected the situation to stabilize within the next month.

On Investments
 

Madbouly noted the need for a clear document outlining investment incentives and simplifying investment procedures.

He acknowledged that while tax rates in Egypt are moderate and comparable to neighbouring countries, administrative and bureaucratic challenges persist.

The government, Madbouly continued, is working to improve the investment climate and create a clear economic roadmap for Egypt.

He highlighted that the government is working on reducing the complexities of the procedures so that the private sector only deals with one entity—the Industrial Development Authority—covering everything from land allocation to building and operational licenses.

Domestic debt  
 

Madbouly also stated that domestic debt decreased from $168 billion to $153 billion over the past six months.

He said the government aims to reduce total local and foreign currency debt over the next three years.

Furthermore, Madbouly emphasized that the government intends to set annual debt reduction targets, saying, "Each year, we will aim for a specific figure, ensuring that external debt remains within entirely safe limits."

He pointed out that the global decrease in inflation and the stabilization of conditions help alleviate the debt burden on Egypt, noting that some of the country's external debt is tied to a global interest rate of 5.6 percent.

Upcoming 2030 Tax Policy Document
 

Madbouly revealed that the president has instructed the Minister of Finance to develop the 2030 Tax Policy Document.

He added that the document details will be announced soon after the government submits it to the president for approval and implementation.

Furthermore, Madbouly explained that the document aims to resolve all previous tax disputes with investors and simplify tax procedures and calculations for them.

"Investors have consistently expressed that they do not object to the amount of tax but rather to the method of its implementation, they always face challenges in how the Tax Authority calculates taxes,” he noted.

Madbouly explained that due to these issues, a comprehensive tax policy will be announced that provides a simplified, clear, and transparent approach for all investors and the private sector and that reflects the state’s direction in tax policy for the coming period.

Moreover, he pointed out that following presidential approval, the document will be shared with businesspeople for review and feedback before its implementation.

New labour law
 

Madbouly said the new labour law tops the legislative agenda, stressing that the government will work on it starting from the new legislative session.

He went on to say that the private sector values disciplined workers who fulfil their responsibilities and that such workers are highly valued and sought after by factories, while those who are negligent have no place as productivity is key.

Hence, Madbouly emphasised  that the new labour law "will grant workers their rights and that there will be obligations for employers who pay higher and better salaries, provide transportation, health insurance, and sometimes even arrange housing."

Furthermore, he stressed the importance of technical education, noting that over 55 percent of the workforce in Germany has a technical education, contributing to Germany's status as an economic powerhouse.

The government, Madbouly concluded, aims to enhance technical education in partnership with industry leaders to ensure graduates are well-prepared for the job market.