President Abdel-Fattah El-Sisi during a meeting with high-level officials on Sunday 6 August 2023 (Photo: The Egyptian presidency)
El-Sisi made his remarks during a meeting with high-level officials, including Prime Minister Mostafa Madbouly, Central Bank of Egypt (CBE) Governor Hassan Abdallah, and Head of the Egyptian General Intelligence Service (GIS) Abbas Kamel, among others.
During the meeting, he highlighted the need to enhance the role of the private sector by removing bureaucratic obstacles and promoting competitive neutrality, according to a presidential statement released afterwards.
El-Sisi also emphasized the need to create an attractive environment for both domestic and foreign investments.
This would support development gains in a way that supports the national economy and raises the income levels.
The officials also reviewed economic indicators from Egypt and around the world, including the latter’s consequences for Egypt.
The meeting touched upon the government's recent efforts to improve overall economic indicators and attract diversified investments, noted the statement.
The president was also briefed on the most important future economic targets as well as efforts to cooperate with various international financing institutions to continue economic reforms.
Since the beginning of the Russian-Ukrainian conflict in February 2022, Egypt has been struggling with a soaring inflation rate, which hit record levels recently.
The annual urban headline inflation jumped to 35.7 percent in June, up from 32.7 percent in May. Similarly, the annual core inflation increased to 41.0 percent in June, up from 40.3 percent in May.
In August, the CBE's Monetary Policy Committee (MPC) raised the key interest rates by one percent (100 bps) in its first meeting in FY2023/2024 and the fifth in 2023.
This raise brings the total hikes the CBE has applied to three percent (300bps) since the start of 2023 and to 12 percent (1200 bps) since March 2022.