Egypt's Ministers of Tourism and Agriculture Engage in Critical Economic Debate Amid National Dialogue

egypt Tue, Feb. 27, 2024
Minister of Tourism Ahmed Eissa and Minister of Agriculture El Sayed El-Quseir joined a closed session of the National Dialogue on Monday to discuss the challenges confronting production and exportation.

Representatives from different ministries and specialists came together in the National Dialogue sessions today to share perspectives on executive and legislative proposals aimed at alleviating the burdens faced by citizens amidst ongoing economic challenges.

The sessions discussed measures to control soaring prices and inflation rates, monitor markets, protect consumers, promote competition, and prevent monopolistic practices.

Today marks the start of the dialogue’s second phase with closed sessions focused on finding swift and practical solutions to the nation's economic hurdles.

Proposed measures specifically targeting these challenges will be presented to President Abdel Fattah El-Sisi.

This phase of the dialogue centers on the economy in response to President Sisi's call for a "deeper and more comprehensive" discussion in this field during the 72nd anniversary of Police Day last month.

In the past two years, Egypt has faced a substantial shortage of hard currency and severe inflation.

Three rounds of currency devaluation since March 2022 have resulted in over a 70 percent depreciation of the Egyptian pound against the US dollar, accompanied by significant price increases for essential goods.

In a significant development, Egypt announced the securing of $35 billion in foreign direct investment (FDI) over the next two months through a groundbreaking agreement between Egypt and the United Arab Emirates on Friday.

The agreement, focused on a development project in the Ras El-Hikma area on the North Coast, represents the largest amount of FDI in Egypt's history.

Prime Minister Mostafa Madbouly stated that it will help alleviate the country's current foreign currency shortage.