The government also targets a primary surplus of 2.1 percent in fiscal year 2023/24, Madbouly continued, adding that there are hopes that this percentage will reach 2.5 in the future. This would lower Egypt’s public debt to approximately 78 percent of GDP in FY 2026/27, the PM said.

The government seeks to benefit from Egypt’s unexplored potential in order to work towards economic recovery, Madbouly clarified, stressing that empowering the private sector as well as attracting foreign investment is a top priority this year. Egypt also has a plan to achieve both its investment-backed growth and comprehensive development plan.

In this context, the authorities promise to fully execute Egypt’s economic reform program – backed by the IMF – to transition the country to a flexible exchange rate system, reduce the state’s role in multiple sectors as well as assist private sector growth, Madbouly declared. Egypt welcomes investors and the investment community as a partner in the process.

Madbouly also explained that Egypt’s interbank market has witnessed robust activity recently.

The Central Bank of Egypt’s net international reserves rose on 23 January by $470 million to a total of $34 billion, up from $33.5 billion at the end of November.

In terms of the stock exchange, Madbouly said that the Egyptian stock exchange ranks the first across the MENA region, with the stock market index EGX30 recording a 22 percent increase by the end of 2022.