CAIRO, June 17 (MENA) - Minister of Planning, Economic Development and International Cooperation Rania el Mashat said that the government is constantly monitoring rapid regional developments and their impact on the economic situation.

During the planning minister's participation Tuesday in the House of Representatives' plenary session, under House Speaker Henafy el-Gebaly to answer MP's inquiries regarding the draft development plan for the Fiscal Year (2025-2026), the minister said, the government is constantly monitoring the situation, noting that indicators should be reviewed in case the current situation continue to persist or worsen.

Minister of Finance Ahmed Kouchouk took part in the session and discussed the draft budget and the economic and social development plan for the next fiscal year.

The minister of planning praised the House's continued support for the government's efforts through serious discussions and valuable comments on the economic and social development plan document for the Fiscal Year (2024-2025), stressing her constant commitment to being present within the House of Representatives sessions, to promote the values ​​of cooperation and partnership with the House, in order to achieve the country's interests.

"The government has prepared the economic and social development plan for the next Fiscal Year (2025-2026) amidst challenging circumstances," the minister said, stressing that the current situation has become more complex in light of the rapidly evolving regional developments, thus increasing uncertainty and requiring a flexible planning approach and continued monitoring of the plan's objectives based on evolving developments.

Mashat noted that the government, led by Prime Minister Mostafa Madbouly is keen on continued monitoring of the impact of the developments taking place in the region on the situation in Egypt, particularly on the economic front.

She noted that the prime minister directed the formation of a crisis committee, under his supervision, to monitor the repercussions of the Iranian-Israeli military operations, contributing to preparedness for any developments in the various sectors.

The minister emphasized that the government is relying on the serious reforms it has implemented to enhance the resilience of the Egyptian economy and its ability to adapt to changes.

Mashat noted that the 2025-2026 plan targets an economic growth rate of approximately 4.5%, a relatively high rate compared to the modest 2.4% recorded in 2023-2024.

She said, "Targeting this rate reflects a drive to continue economic recovery, while simultaneously monitoring the repercussions of geopolitical and economic developments in the Middle East and the world and the uncertainty they impose."

The minister pointed out that preliminary indicators for the first nine months of the current fiscal year (2024-2025) showed improved economic growth rates.

Mashat said the only real guarantee for avoiding challenges to the Egyptian economy, especially in light of these difficult international circumstances is for the government to continue implementing the National Structural Reform Program, based on three main axes: consolidating macroeconomic stability to enhance its resilience in the face of external variables, improving competitiveness, the business environment, and the investment climate and advancing the green transformation to increase private sector investment.

"Last Sunday witnessed a positive round and an important conference with the participation of the private sector and international development partners and a meeting between President Abdel Fattah El Sisi and the President of the International Finance Corporation," said the minister.

She said the meeting revealed great confidence and successive international praise from heads of international financial institutions, our partners from the European Union, and the private sector, for the reforms the State is implementing to maintain macroeconomic stability.

The minister said these efforts mean a lot, especially at the current juncture, as they confirm that Egypt, despite tensions surrounding it, is determined to move forward with its development and reform process.

She said, "The Council approved the articles of the law regulating certain provisions related to state ownership in companies owned or contributed to by the State. This law represents great importance within the framework of the State's efforts to empower the private sector and govern the State's presence in economic activities, thus confirming its determination to divest from some of its shares."

"The law is the result of the recommendations of the Supreme Council for Investment meeting in May 2023, as well as the outcome of ongoing and constructive discussions between the ministries of the economic group, and in implementation of the state ownership policy document," added the minister. (MENA)

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