H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation: "We aim to build a competitive national economy to attract investment, implement structural reforms and enhance macroeconomic stability."

 The merger of both ministries supports integration, improves the effectiveness of development plans and enhances state efforts to provide soft  financing for the private sector to stimulate foreign investments."

Rationalizing investment expenditure will not come at the expense of social spending, as human development remains a top priority in the government's program."

Projects under the 'Hayah Karima' presidential initiative and prioritizing health and education lead the investment spending priorities."

 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, participated in the meeting of the special committee formed by the parliament to discuss and study the new government's work program for the period (2024/2025 - 2026/2027), chaired by Counselor Ahmed Saad, the First Deputy Speaker of the House of Representatives.

The meeting was also attended by Deputy Mohamed Abou El-Enein, Deputy Speaker of the House of Representatives, and H.E. Dr. Hassan El-Khatib, Minister of Investment and Foreign Trade, H.E. Mr. Ahmed Kouchouck, Minister of Finance, and Counselor Mahmoud Fawzi, Minister of Parliamentary Affairs, Legal Affairs, and Political Communication.

 

H.E. Minister Al-Mashat highlighted aspects of the government program, particularly the first pillar related to building and enhancing the well-being of the Egyptian people, and the third pillar related to building a competitive economy attractive to investments. This addresses creating a resilient economy capable of withstanding global changes and achieving sustainable growth, while enhancing the attractiveness of local and foreign investments through a conducive business environment.

 

Al-Mashat emphasized that the ministry aims, with the integration of the planning and international cooperation portfolios, to achieve several key objectives within the government's program. These include governance of investment expenditure and ensuring the implementation of the public investment ceiling set by the Cabinet at one trillion pounds for the fiscal year 2024-2025, supporting efforts to reduce inflation rates, and strengthening partnerships with multilateral and bilateral development partners to meet the state's financing gap in line with the government's priorities.

 

At the same time, the Minister of Planning, Economic Development, and International Cooperation added that rationalizing investment expenditure will not compromise social spending, as human development remains a top priority in the government's program. This includes increasing investment in human capital and focusing on sectors such as health, education, and social protection. The "Hayah Karima" presidential initiative is also among the priorities of the upcoming investment spending phase, given its significant impact on improving the living standards of citizens in rural Egypt and enhancing economic and social development efforts.

 

In a related context, H.E. Minister Al-Mashat highlighted the integration between relations with multilateral and bilateral development partners and the priorities of the new government program, especially in supporting and implementing structural reforms. This is through three main pillars: building resilience and enhancing macroeconomic stability, improving competitiveness and business environment, and supporting the green transition.

 

Al-Mashat emphasized the utmost importance of continuous and effective communication with the parliament, transparently addressing all members' inquiries regarding the government program, pointing out that the pivotal phase the nation is going through requires integration and coordination among various sectors and societal institutions to meet aspirations and overcome the challenges facing the country.

 

The Minister of Planning, Economic Development, and International Cooperation clarified that the new government is not only a government of challenges but also a government of opportunities, and that the ministerial formation reflects the recommendations of the national dialogue held over the past period.

 

H.E. Minister Al-Mashat highlighted that while there are challenges, the new government is also a government of opportunities. The Minister emphasized that the merging of the Ministry of Planning and Economic Development and the Ministry of International Cooperation aims to achieve a different philosophy of work to enhance development plan effectiveness, strengthen state efforts in providing soft financing for the private sector to stimulate foreign investments, and achieve integration between the mechanisms available to both ministries to meet aspirations and implement the government program while increasing operational efficiency.

 

Al-Mashat mentioned that work is underway to formulate a new vision for the ministry in line with the directives of H.E. President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, and the new government work program (2024/2025 - 2026/2027), consistent with the requirements and changes of the pivotal phase in the Egyptian economy, global and regional economic challenges, ensuring strong and sustainable growth rates across most sectors, building upon the comprehensive economic and structural reforms implemented in recent years, and enhancing the efficiency of public investments while creating opportunities for the private sector to lead the development process, aiming to promote comprehensive and sustainable growth and job creation.