Dr. Rania Al-Mashat in an Interview with the Global Bloomberg Network

Dr. Rania Al-Mashat in an Interview with the Global Bloomberg Network:

 

President Abdel Fattah El-Sisi had a Decisive Vision from the Beginning Based on Achieving Peace and a Complete Commitment to the Rights of the Palestinian People

 

The steadfastness of the peace agreement will have a positive impact on Egypt, the region, and global trade movement by restoring normal navigation in the Suez Canal

 

Egypt has implemented important structural reforms since March 2024, contributing to positive growth and compensating for the decline in Suez Canal activity.

 

We expect 2026 to be a turning point for the Egyptian economy, with continued growth in real economy sectors, particularly industry, and increased revenues from tourism and the Suez Canal

 

We are continuing to implement an ambitious structural reform program to foster private sector participation and attract investments to the Egyptian economy.

 

“Egypt’s Narrative for Economic Development” includes priority sectors for attracting foreign investments, capitalizing on the infrastructure supporting industry and export.

 

During the IMF and World Bank meetings, we will present Egypt's economic reform story and the continuation of positive momentum with the return of stability to the Middle East region

 

 

H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, emphasized that H.E. President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, had a decisive and clear vision since October 2023 regarding the war on Gaza, based on the necessity of achieving peace and a complete commitment to the rights of the Palestinian people. This came during an interview with the global Bloomberg network.

 

Regarding the “Sharm El Sheikh Summit for Peace”, Dr. Al-Mashat said: "It is a very important day, not just for the region but for the entire world. We know that the Palestinian people have suffered for two years, so reaching a resolution and laying the foundations for peace will be essential for the future of the region. The world has also been affected by the economic repercussions of what happened in the Suez Canal, as it is a vital route for international trade. Therefore, we look forward to a positive day where leaders from all over the world will gather."

 

Regarding the economic impact of the war on the Gaza Strip, the Minister of Planning, Economic Development, and International Cooperation noted that reaching a sustainable settlement that achieves calm in the region will ensure the resumption of ship traffic in the Suez Canal, which will be very positive for both Egypt and the cost of global trade.

Dr. Al-Mashat highlighted that Egypt has dealt flexibly with the decrease in Suez Canal traffic due to regional tensions by starting to implement necessary economic reforms since March 2024, despite the challenges resulting from the conflict in the region. These reforms included fiscal consolidation, monetary policy, a flexible exchange rate, and setting a ceiling for public investments. She added that these reforms contributed to achieving growth in the GDP, reaching 4.4% by the end of June, and 5% during the last quarter.

 

Dr. Al-Mashat pointed out that this growth is driven by an economic model based on manufacturing, increased production, and focusing on tradable sectors. "If we look at the structure of growth in Egypt, we find that its sources come from increased manufacturing activity, benefiting from the reforms implemented in March 2024. We are still continuing to implement an ambitious structural reform program aimed at increasing competitiveness, fostering private sector participation, and capitalizing on new investments in the country."

 

Regarding the future of the Egyptian economy, Dr. Al-Mashat reaffirmed that Egypt launched “Egypt’s Narrative for Economic Development” to identify priority sectors for attracting foreign investments, benefiting from the strong infrastructure established over the past years that supports industry and export. The Minister expected 2026 to be a turning point for the Egyptian economy, with actual contributions from real economy sectors, primarily industry, and continued growth in tourism, communications, and remittances from Egyptians abroad.

 

Dr. Al-Mashat added that "we have witnessed strong investment flows recently, especially in the Suez Canal Economic Zone, through injecting new investments or establishing joint projects, which represents favorable opportunities for the Egyptian economy to increase production, exports, and accelerate the pace of growth."

 

Dr. Al-Mashat also mentioned the Annual Meetings of the International Monetary Fund (IMF) and the World Bank. She outlined that Egypt is linked to a program with the Fund and fruitful partnerships with the European Union and the World Bank to enhance sources of financing that support our ambitious structural reform program, adding that "we will address the ongoing reforms during the meetings."

 

Dr. Al-Mashat indicated that the credit rating upgrade by Standard & Poor's global agency is proof that these reforms are moving in the right direction. "As stated in their report, there are great opportunities for growth if we continue to implement these reforms," she added. "We are committed to them, and we are working to open the economy further, increase competition, and overcome the challenges we faced during the past years. All of this is happening despite the difficult geopolitical landscape in the region, but we hope that things will move in a positive direction after yesterday's historic summit in Sharm El Sheikh, which will positively reflect on the Egyptian economy and boost gains and returns for investors in Egypt”.

Dr. Rania Al-Mashat in an Interview with the Global Bloomberg Network