Egypt PM Madbouly forms new cabinet economic cluster
According to the decree, the economic cluster, led by the prime minister, will include the Governor of the Central Bank of Egypt Hassan Abdullah, the Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat, the Minister of Finance Ahmed Kouchouk, the Minister of Supply and Internal Trade Sherif Farouk, and the Minister of Investment and Foreign Trade Karim ElKhatib.
The minister of finance will act as the cluster’s official spokesperson.
The economic cluster is set to convene weekly, and upon need, sometimes inviting relevant experts to these meetings.
The ministerial cabinet has recently witnessed a major overhaul, with multiple changes within the economic cluster. The international cooperation file has been combined with the planning and economic development file for the first time.
Additionally, this cabinet overhaul saw the revival of the investment portfolio, now integrated with the foreign trade portfolio, which was previously under the more general trade file.
The economic cluster will work on establishing an overall framework for the country’s economic and financial policies to promote growth and employment while ensuring financial sustainability and economic stability within different timeframes.
It will also offer opinions and recommendations and propose necessary legislation.
Furthermore, it will quarterly review Egypt’s economic indicators, providing suggestions and proposals to be effectively implemented to improve these indicators.
This decree allows the cluster, upon the PM’s approval and depending on specific circumstances, to make necessary decisions regarding identifying priority measures for structural reforms and suggesting appropriate policies to address the challenges of the Egyptian economy.
Egypt is currently implementing its second wave of economic and structural reforms packed by a loan deal worth $8 billion with the International Monetary Fund (IMF).
The key objectives of the loan programme include replenishing Egypt’s foreign exchange reserves, taming the high inflation, adopting flexible regimes for both exchange rate and interest rates, and unleashing the private sector's potential to lead the country’s economic growth and create job opportunities.
The economic cluster will also coordinate with other ministerial groups and committees to ensure the consistency and alignment of economic, social, and sectoral policies.
Moreover, it will communicate with various local political, economic, and social entities to formulate a vision for the Egyptian economy and policy directions while trying to garner public support and achieve policy success.
It will actively engage with the international community, negotiating policy matters with global and regional financial institutions, to promote the Egyptian economy in local and international forums, while performing other tasks necessary to achieve the state's economic policy goals.