Finance Minister Mohamed Maait has announced the commencement of a corrective phase in Egypt’s economy, aimed at mitigating the severe impacts of both domestic and international challenges. This initiative seeks to minimise potential risks, particularly in response to the ongoing conflicts in Ukraine and Gaza, as well as the broader instability across the Middle East, including tensions in the Red Sea region. During a seminar titled “Policy Making in Times of Increased Risk and Uncertainty,” Maait highlighted the government’s approach to managing public finances under these challenging conditions. He projected a significant drop in Suez Canal revenues, by approximately 60%, due to the Red Sea tensions, leading to increased public spending. The state is dedicated to attracting greater investment and has allocated EGP 120bn in financing facilities to support productive activities.

Source: Daily News Egypt May 21, 2024 11:40 UTC