{"id":326402,"date":"2022-10-24T06:45:27","date_gmt":"2022-10-24T06:45:27","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=326402"},"modified":"2022-10-24T06:45:27","modified_gmt":"2022-10-24T06:45:27","slug":"egypt-is-mainly-concerned-about-controlling-inflation-not-exchange-rate-madbouly","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2022\/10\/24\/egypt-is-mainly-concerned-about-controlling-inflation-not-exchange-rate-madbouly\/","title":{"rendered":"Egypt is mainly concerned about controlling inflation, not exchange rate: Madbouly"},"content":{"rendered":"

Egypt\u2019s Prime Minister Mostafa Madbouly said that the exchange rate doesn\u2019t reflect the strength of the economy, and Egypt\u2019s main concern is controlling inflation, pointing out that some countries have taken measures to weaken their currency.<\/span><\/p>\n

The Prime Minister\u2019s remarks came during the Egyptian Economic Conference 2022, organised by the Egyptian government, which kicked off on Sunday.\u00a0<\/span><\/p>\n

\u201cCurrency devaluation may be a measure to boost investments and support the economy,\u201d he stressed.<\/span><\/p>\n

Egypt is among the most affected countries by the global economic crisis, and establishing a road map for the economy requires recognising the challenges we face, said Madbouly.<\/span><\/p>\n

He stressed that the Egyptian Economic Conference 2022 comes amid one of the worst global economic crises in 80 years.<\/span>\u00a0<\/span><\/p>\n

Regarding Egypt\u2019s external debt, he explained that 73% of the country\u2019s external debt is medium and long-term.<\/span><\/p>\n

\u201cIn the 1980s and early 1990s, the foreign debt to GDP ratio reached 150%. Egypt reached an agreement with Paris Club and Arab countries, to slash approximately $43bn of debt. The figure went down since then and now it stands at 34.5%.\u201d<\/span><\/p>\n

However, we need to admit that we have a problem which is that the debt to commodity exports ratio has exceeded the safe limits, thus, we need to work to return it to the safe zone, Madbouly indicated.<\/span><\/p>\n

The overall debt to GDP ratio is far from 100% as it was in previous years, but it may reach 90%.<\/span><\/p>\n

He stated that emerging countries are resorting to financing to achieve economic stability, attract investments, and restore the downward path to reducing debt.<\/span><\/p>\n

He stated that there are many countries that have resorted to this, including China, Turkey and Vietnam.<\/span><\/p>\n

Furthermore, the Prime Minister added that major financial institutions revised their views on the Egyptian economy between 2011 and 2020, noting that the International Monetary Fund expected an increase in Egypt\u2019s GDP growth rates.<\/span><\/p>\n

Madbouly pointed out that the Egyptian economy was affected in an unprecedented manner by the political turmoil of 2011 and 2013. \u201cEgypt\u2019s credit rating was downgraded 6 consecutive times in 28 months, between February 2011 and May 2013,\u201d he noted.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Madbouly said that the rate of industrial investment in contributing to meeting local needs decreased from 22% to 10%.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

Madbouly stated that the main productive sectors also suffered a decline, led by tourism and industry, and the foreign reserves declined.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

The Prime Minister compared the current economic conditions with the conditions of the Egyptian state before the economic conference in 1982.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

At the time, there were shortages in most commodities, which were documented through drama and cinema at this time.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

The conference will include three tracks: macroeconomic policies, widening the scope of private sector contribution to the national economy, and drawing up a roadmap for the Egyptian economic priorities in the coming stage.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s Prime Minister Mostafa Madbouly said that the exchange rate doesn\u2019t reflect the strength of the economy, and Egypt\u2019s main concern is controlling inflation, pointing out that some countries have taken measures to weaken their currency.<\/p>\n","protected":false},"author":4,"featured_media":326403,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33,21],"tags":[],"class_list":["post-326402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-main","category-news"],"yoast_head":"\nEgypt is mainly concerned about controlling inflation, not exchange rate: Madbouly - egy-africa<\/title>\n<meta name=\"description\" content=\"Egypt\u2019s Prime Minister Mostafa Madbouly said that the exchange rate doesn\u2019t reflect the strength of the economy, and Egypt\u2019s main concern is controlling inflation, pointing out that some countries have taken measures to weaken their currency.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/egy-africa.com\/en\/2022\/10\/24\/egypt-is-mainly-concerned-about-controlling-inflation-not-exchange-rate-madbouly\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt is mainly concerned about controlling inflation, not exchange rate: Madbouly - 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