Egypt announces plan to boost economy against global crisis

Egyptian Prime Minister Mostafa Madbouly announced Sunday that the government’s measures to deal with the global economic crisis include strengthening the role of the private sector, localizing strategic industries, activating the Egyptian Stock Exchange and providing commodities.

His statements were made during a press conference to announce the state’s plan to deal with the global economic crisis, as commissioned by Egyptian President Abdel Fattah al-Sisi, especially since the crisis is expected to last longer than expected.

The Prime Minister explained that foreign direct investments decreased due to the global economic crisis and as a result of the Russian-Ukrainian crisis, and that public debt worldwide is rising by 351 percent.

Madbouly said that many countries have begun to increase interest rates, and that the International Monetary Fund has lowered its growth forecasts for 143 countries.