Ahmed Kamel – Egypt Daily News
Egyptian Prime Minister Mostafa Madbouly said on Wednesday that the country’s latest understandings with the International Monetary Fund do not include any new economic burdens on citizens, stressing that all agreed measures are focused on empowering the private sector and sustaining economic stability rather than imposing additional costs on households.
Speaking at a press conference at the government headquarters in the New Administrative Capital, attended by the minister of finance, Madbouly pointed to what he described as strong endorsements of the Egyptian economy from the IMF and international institutions. He cited clear improvements in the balance of payments, robust growth in exports, and a significant increase in tax revenues, calling these indicators “very strong signals” of economic recovery and reform.
“The IMF’s assessment is a clear vote of confidence in the Egyptian economy,” Madbouly said, adding that reforms are aimed at enabling the private sector, improving living standards, and ensuring the availability of essential services. He emphasized that Egypt has already implemented the necessary corrective measures agreed upon with the Fund, as well as with international rating agencies such as Moody’s, and that there are no new measures targeting citizens directly.
Madbouly highlighted growing confidence among investors, underpinned by exchange rate flexibility and improving economic forecasts for the coming period. He noted that remittances from Egyptians abroad reached $34 billion during the first ten months of the year, while non-oil exports rose by about 20 percent, reflecting stronger external performance.
Tourism was another key pillar of growth, according to the prime minister. He said Egypt received 18.8 million tourists, recording solid growth in the sector, and outlined government plans to double tourist numbers by 2040. Efforts are underway to upgrade airport infrastructure and expand hotel capacity, including the redevelopment of the historic Lazoghly Interior Ministry building into hotel units while preserving its architectural façade. Madbouly described tourism as a vital source of employment and foreign currency, supported by coordinated work across multiple ministerial committees.
He also underlined the importance of the industrial sector, announcing inspection visits and inaugurations of several projects scheduled for January. At the same time, he reaffirmed the government’s commitment to social protection, including the launch of the second phase of the Universal Health Insurance system and increased budget allocations for the “Haya Karima” (Decent Life) initiative, which he said directly impacts citizens’ daily lives.
During the weekly cabinet meeting held earlier in the day, Madbouly extended his congratulations to the Egyptian people on the occasion of Christmas, offering special greetings to Coptic citizens. He also referred to a recent meeting chaired by President Abdel Fattah el-Sisi to review mechanisms for enhancing financial and monetary stability, securing funding for key sectors, and maintaining a downward trajectory in inflation. The president, Madbouly said, directed the government to accelerate fiscal sustainability, strengthen financial discipline, and improve the structure of public debt to free up more resources for social services and human development.
The prime minister also briefed the cabinet on his recent visit to Lebanon, which he described as successful in strengthening bilateral cooperation. The visit included meetings with the Lebanese president, prime minister, and speaker of parliament, as well as expanded talks on boosting economic ties, energy cooperation, and trade exchange. Madbouly said Egypt conveyed a clear message of support for Lebanon’s leadership and government.
During the visit, Madbouly attended an economic forum at the Beirut Chamber of Commerce, where Lebanese investors raised questions about Egypt’s economic reform experience, particularly its IMF-backed program. He said the discussions were frank and transparent, with the aim of sharing lessons that could benefit Lebanon.
On the IMF front, Madbouly confirmed that Egypt has reached a staff-level agreement on the fifth and sixth reviews of its economic reform program. He said the economy has recorded tangible growth driven by private sector participation, with structural reforms leading to improved financial and economic indicators and a more attractive outlook for investment.
Madbouly also spoke about his recent field visit to villages in the El-Saff district of Giza governorate to follow up on projects under the presidential “Haya Karima” initiative. He described the program as one of the largest development projects in modern Egyptian history, serving more than 60 million citizens in targeted rural areas. According to the prime minister, the initiative has already delivered noticeable improvements in drinking water, sanitation, healthcare, education, and other essential services, with positive indicators supporting the rollout of its second phase.
He concluded by welcoming the entry of the TAJ hotel brand into the Egyptian market through the revival of the historic Continental Hotel, describing the move as further evidence of growing international confidence in Egypt’s economy and its investment climate, and a sign of success for the state-owned business sector in attracting major global players.
