Prime Minister Mostafa Madbouly announced that Egypt’s external debt has dropped by over $15 billion in just six months. Speaking after the Cabinet meeting on October 2, he highlighted the government’s continued economic reforms, with a focus on strengthening the private sector.
Madbouly also outlined Egypt’s goal to reduce inflation to below 10% by the end of 2025, allocating part of the budget to public projects to help achieve this target. He further disclosed that recent developments have caused the Suez Canal to lose over 60% of its revenue, amounting to around $600 million in monthly losses.
The Prime Minister stressed the importance of internal stability in driving the government’s program and achieving its economic goals. As Egypt grapples with economic challenges and regional tensions, a strategic focus on key sectors, including clean energy, is seen as critical to boosting the economy.
The rising prices of oil and gold, driven by regional developments, have posed additional challenges, impacting the country’s economic outlook.
