Recommendations of the Egyptian Economic Conference 2022 .. including reducing the debt ratio, issuing a pound index

CAIRO – October 25, 2022: The activities of the third day of the Egyptian Economic Conference ended in the presence of President Abdel Fattah El-Sisi, Prime Minister Mostafa Madbouli and several ministers and businessmen.

The closing session of the conference saw the announcement of the important recommendations that the conference came up with, based on the opinions and contributions of the experts and scholars who participated in the sessions of the conference during its three days. They were announced by Diaa Rashwan, the Syndicate of Journalists and the General Coordinator of the National Dialogue.

Egypt Today (ET) reports that the most important recommendation issued during the conference:

• Lower the debt-to-GDP ratio, in addition to maintaining an initial surplus to improve the government’s ability to pay its obligations.

• Reach an immediate agreement with the International Monetary Fund (IMF)

• The importance of having a flexible exchange rate to reflect market dynamics of supply and demand as a tool to absorb external shocks.

• Issuance of a currency index for the Egyptian pound based on the currencies of the main trading partners and on gold

• Enhance private sector contributions by prioritizing exit through initial public offering (IPO) of shares to broaden the ownership base

• Transfer ownership of several public companies to the Egyptian sovereign wealth fund (SWF) to further strengthen its influence.

• Introduce a set of financial and fiscal incentives for the private sector aimed at developing the education sector.

• Develop operational procedures in order to promote the real estate market worldwide.

• Upcoming creation of an industrial zone for information and communication technologies.

• Reinforcement of local production and increase in exports thanks to the program for reimbursement of export charges and facilitation of access to new markets.

• Activate the local product preference law in government contracts.

• Activate the role of representatives of commercial services and international exhibitions as well as consolidate the role of the ‘Start’ initiative set up to support the production sectors.

• Relax state partnership protocols for new and pre-existing hospitals by private sector administration for health facilities by concession, in addition to loan facilities for health-related projects, especially in new ones. communities.

• Transform industrial areas into integrated residential areas, providing workers with adequate housing and lowering the cost of transporting workers.

• Empower agricultural cooperatives and associations by implementing structural, financial and administrative reforms to further strengthen their role in achieving food security and providing efficient transport lines to deliver fresh produce to targeted markets.

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John A. Bogar