OPEN// PM confers with CBE governor on Egypt's current economic performance
According to Cabinet spokesman Mohamed el Homosani, the meeting addressed several key topics related to Egypt's current economic performance. It also included a review of the global economic situation and challenges facing countries worldwide and the implications of these challenges on the macroeconomy. Additionally, discussions focused on ongoing efforts to further reduce inflation rates.
The spokesperson further stated that the meeting also covered the government's efforts to ensure that the economic development program is not impacted by the current regional and international conditions, so as to preserve the achievements made by the national economy and maximize the benefits from available economic opportunities. The discussions also included the provision of opportunities and financing for the private sector to stimulate economic growth, attract more investment flows, and enhance the role of the private sector in economic activities.
Additionally, the meeting addressed efforts to strengthen the country's foreign currency reserves to ensure the availability of essential materials for production and industry in priority sectors, thus contributing to sustainable economic growth in Egypt.
During the meeting, the CBE governor called attention to his participation in the Spring Meetings of the Board of Governors of the International Monetary Fund (IMF) and the World Bank, held from April 21 to 26, 2025, in Washington, D.C. He presented a briefing on his meeting with the deputy managing director of the IMF, where they discussed areas of mutual cooperation and developments in Egypt's macroeconomic indicators and the economic reform program that Egypt is implementing in partnership with the IMF. He highlighted that the IMF official expressed appreciation for Egypt's management of its economic file amidst multiple external shocks and commended the Egyptian government's commitment to implementing economic reforms.
(MENA)
R E E/
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Egypt Independent
15 hours ago
- Egypt Independent
Ethiopian Prime Minister invites Egypt, Sudan to GERD opening, vows no obstruction will halt it
Ethiopian Prime Minister Abiy Ahmed extended a surprise invitation to Egypt and Sudan to attend the inauguration of the Grand Ethiopian Renaissance Dam (GERD) on September. Speaking before the Ethiopian Parliament today, Thursday, Ahmed stated, 'The construction of the GERD is complete. We will inaugurate it at the end of summer in September. There are those who try to obstruct it before its opening, but we will inaugurate it. My message to the downstream countries is that the Renaissance Dam is a blessing for Egypt and Sudan.' He continued, 'Not a single liter of water has been reduced from the Aswan Dam.' Ahmed emphasized that as long as Ethiopia is prosperous and developed, they wish no harm to their 'Egyptian and Sudanese brothers.' He added, 'We will use energy and water together, and development and growth are coming. Ethiopia remains ready for dialogue, negotiation, and cooperation with downstream countries.' 'We officially invite Egypt and Sudan, as well as all governments of the downstream countries, to join us in our joy at the inauguration of the Grand Renaissance Dam in September,' he concluded. GERD now '98.9 percent' complete The GERD has reached a 98.9 percent completion rate, bringing Ethiopia closer to 'Achieving its national dream after 14 years of work,' according to the Director of the Ethiopian Dam Project Coordination Office, Aregawi Berhe. Berhe stated on Wednesday that the dam symbolizes national sovereignty and popular unity, emphasizing that it was constructed without any external loans or aid. This assertion directly countered recent remarks by President Donald Trump, who criticized past US administrations' alleged funding of the dam, Gazette Plus reported. Tensions rising Late 2024 saw tensions rise between Cairo and Addis Ababa following the failure of negotiations over the Nile River waters. At the beginning of September 2024, Egyptian Foreign Minister Sameh Shoukry sent a letter to the UN Security Council rejecting the recent statements made by Ethiopian Prime Minister Abiy Ahmed regarding the fifth filling of the GERD. He stressed Egypt's categorical rejection of Ethiopia's unilateral policies that violate the rules and principles of international law, which constitute a clear violation of the Declaration of Principles Agreement and the Security Council's presidential statement of September 15, 2021. The Egyptian letter to the UN explained that the end of 13 years of negotiations with Egypt's sincerest intentions came once it was obvious to everyone that Addis Ababa is only interested in using the negotiations as a cover to prolong reaching any solution. It added that Ethiopia is seeking to legitimize its unilateral policies that contradict international law and to hide behind unfounded claims that these policies are based on the right of peoples to development. Ethiopia, in turn, responded with a letter to the Security Council in which it claimed that Egypt had participated in negotiations over the past decade with the sole aim of obstructing its progress and returning to its rigid positions, claiming that Egypt's insistence on its historical share of the Nile waters is borne from colonial-era deals and a refusal to accept any different outcomes.
Middle East
15 hours ago
- Middle East
OPEN// Gov't: National natural gas network supplies stable
CAIRO, July 3 (MENA) - Prime Minister Moustafa Madbouli met Thursday with Minister of Petroleum and Mineral Resources Karim Badawi to review the latest developments regarding integrating Floating Storage and Regasification Units (FSRUs) into the national natural gas network to enhance energy security and meet summer demand. During the meeting, Badawi shed light on the progress made so far in the preparation of the floating regasification units berthed at Egyptian ports. These units receive, regasify, and inject imported liquefied natural gas (LNG) directly into the national grid, supporting power plants and other essential sectors, he said. He affirmed that all relevant national entities and companies are cooperating to ensure the security and sustainability of natural gas supplies to all state sectors across the country. Badawi added that petroleum sector companies have already completed all required works, preparations, and technical tests ahead of schedule at the marine berths of Arab Petroleum Pipelines Company or SUMED and Sonker ports in Ain Sokhna, in preparation for accommodating the floating units. The premier also discussed with the petroleum minister the natural gas supply procedures for power generation stations nationwide to prevent any electricity outages. In this regard, Badawi confirmed the stability of natural gas supplies through the national network to meet the needs of the electricity sector and other vital sectors. (MENA) Y R E/R E E
Al-Ahram Weekly
15 hours ago
- Al-Ahram Weekly
Egypt firmly rejects Ethiopia unilateral GERD measures as 'violation of international law' - Foreign Affairs
Minister of Water Resources Hani Sewilam expressed Egypt's firm rejection of Ethiopia's repeated imposition of unilateral measures related to the Grand Ethiopian Renaissance Dam (GERD) and the Nile River, following the Ethiopian prime minister's announcement on Thursday that the multi-billion-dollar mega-dam on the Blue Nile is complete and will be officially inaugurated in September. Minister Sewilam described the Ethiopian measures as a clear violation of international law, particularly the rules related to the fair and equitable use of international waterways and the prohibition of causing harm to neighbouring countries. Sewilam made his remarks during a meeting on Thursday with several ambassadors assigned to head Egyptian diplomatic missions abroad, in the presence of Foreign Minister Badr Abdelatty. During the meeting, the minister noted that the Ethiopian side has persistently promoted the idea of finalizing the dam, despite its illegality and contravention of international law. "Ethiopia took these measures without a binding agreement with the downstream countries and despite substantial concerns expressed by Egypt and Sudan," Sewilam said. He condemned these measures as attempts to impose water dominance instead of adopting the principles of partnership and cooperation. He added that Ethiopia's repeated calls to resume negotiations are merely formal attempts to preserve its international image as a party willing to negotiate. However, he stressed that the failure to reach a binding legal agreement for over thirteen years indicates Ethiopia's lack of political will and seriousness, as well as insincerity, regarding these calls. He affirmed that Ethiopia's evasive actions, backtracking, and imposing facts on the ground contradict its declared willingness to negotiate, a position the international community must recognize. On the other hand, Sewilam highlighted Egypt's sincere political commitment to reaching a legally binding agreement that achieves common interests and prevents harm to downstream countries. However, the Ethiopian side's lack of political will has always hindered these efforts, he asserted. Sewilam also reiterated Egypt's keenness to enhance cooperation with African countries, especially Nile Basin states, by supporting development and water projects. In this respect, he highlighted the financing mechanism Egypt has launched, including dedicated funds for studying and implementing development and infrastructure projects in the Southern Nile Basin countries. Furthermore, Sewilam reviewed the state's efforts to bridge the gap between water resources and needs by implementing major projects for treating agricultural drainage water (New Delta, Bahr El-Baqar, El-Mohassema), developing irrigation systems, water management, and other measures aimed at fulfilling water needs and addressing climate change challenges. He also highlighted Egypt's support for African countries through various projects, including waterway cleaning, rainwater harvesting dams, solar wells, rainfall forecasting centres, and water quality monitoring. Egypt also provided them with training and scholarships at Egyptian universities, as well as through the African Water and Climate Adaptation Centre and the Hydraulics Research Institute. "Egypt possesses distinguished water management expertise, which it is keen to share with African countries, especially Nile Basin states," Sewilam noted. The total rainfall in the Nile Basin amounts to approximately 1,600 billion cubic metres annually, and the total rainfall in Nile Basin countries, within the Nile Basin or in other river basins within these countries, reaches about 7,000 billion cubic metres per year. However, Egypt's water share is only 55.5 billion cubic metres. For his part, Abdelatty expressed his appreciation for the ongoing cooperation between the Ministry of Foreign Affairs and the Ministry of Water Resources and Irrigation. Both ministries have overlapping responsibilities regarding the water file, which is linked to national security. They also collaborate with international partners to address water scarcity, enhance capacity building, and facilitate the transfer of technology. Days ago, Abdelatty described water security as Egypt's sole existential threat, stressing that the country's historical Nile water rights are non-negotiable. Between 2020 and 2024, Ethiopia unilaterally completed the dam's five-stage filling and began operating two turbines, without an agreement with its downstream nations, Egypt and Sudan. In December 2023, Cairo announced the end of negotiations, citing Ethiopia's refusal to engage in proposed legal or technical solutions. Follow us on: Facebook Instagram Whatsapp Short link:
