CAIRO, Mar 3 – Egypt’s Prime Minister Mostafa Madbouly has instructed relevant ministries to update economic scenarios in response to ongoing regional tensions.
Madbouly chaired a meeting with economic officials, including the central bank governor and finance minister, to assess potential risks and review preparedness measures. He stated that the government, in coordination with the central bank, has a plan to secure foreign currency needed to cover essential imports.
According to the cabinet’s spokesperson, Mohammed El Homsany, recent developments have contributed to uncertainty in global markets, with impact on international economic activity and currency movements and Egypt’s position in global trade and logistics places it among economies monitoring these changes closely.
The meeting also reviewed developments in Egypt’s agricultural exports to Gulf, African, and Southeast Asian markets with authorities saying coordination is ongoing to redirect some export volumes to the domestic market where needed, in order to manage supply and limit potential losses.
In the aviation sector, officials confirmed continued coordination with authorities in Gulf countries regarding flight operations. On energy supply, the petroleum ministry said Egypt maintains sufficient stocks of petroleum products, supported by existing import agreements. The government is also working to strengthen crude oil reserves in coordination with international partners, while monitoring gas supply levels through available infrastructure.
In addition, the meeting covered progress on Egypt’s economic program beyond its current arrangement with the International Monetary Fund. Officials are preparing about 20 companies for potential public listings and plan to transfer 40 companies to the Sovereign Fund of Egypt as part of ongoing state ownership policy measures.
