There are many things that happened in Egypt that confirm that Egypt is on the path of economic reform that has been set for it with precise steps, and that the Egyptian citizen will begin to feel these steps in the coming period.. I wonder what Egypt has implemented in the economic reform program.. and what are the signs of the success of this program. Follow us until the end and you will find out the details in this video
A long time ago, Egypt began implementing an economic reform program with the International Monetary Fund. The goal of this program is to take necessary and sound steps to restore the correction of the Egyptian economy, which in the past period had witnessed severe fluctuations that had a complete impact on the economic climate in Egypt.
Ok, how was the Egyptian economy going before the economic reform program?
Egypt is one of the very large countries, whose expenses are very high and it has very large spending programs on a large group of service sectors that the state provides to the Egyptian citizen under the subsidy clause. Therefore, the first step that the Egyptian government agreed upon with the International Monetary Fund is to gradually lift the subsidy. About the goods and services that the Egyptian state provides to citizens, and in fact Egypt has drawn up a plan to gradually lift support for all sectors in the state, and the beginning was to gradually lift support for oil and fuel, and then it entered The electricity sector, and every period of time, the state raises the prices of gasoline, natural gas, and diesel in line with global rises in energy prices and also in line with the plan to rationalize government support for fuels. This is in addition to lifting subsidies on electricity segments, which began in Egypt a few years ago and will continue with us until 2028, and all The government announces the implementation of new prices for electricity strips in Egypt.
The plan to lift subsidies on services provided by the state affected bread, especially since all the governments that passed through Egypt were unable to approach it, and for many years the preference for a loaf of bread was a red line for governments. To some extent, the state took the difficult decision and decided to raise the prices of living in Egypt by 5 to 20 piasters, and this was a decision that was necessary, especially since Egypt pays very large numbers in subsidizing bread. Also, leave the food supplies, and the government is still there. Complementary to the plan to raise and rationalize support within the steps of economic reform in Egypt, which aims to advance and establish a new beginning for the Egyptian economy.
All the efforts made by the government to rationalize support were accompanied by other efforts to build infrastructure in Egypt, and this was one of the government’s goals to attract direct foreign investments to the Egyptian state, especially since any foreign investor, before entering any country, looks at how the existing infrastructure is working. This is what Egypt did and created a major revolution in the development of roads, ports, railway trains, ports and logistics… The development also affected every inch of the Egyptian state. Currently, Egypt has become one of the most important and largest countries in the world that receives direct foreign investments.
The economic reforms undertaken by Egypt also paved the way for it to establish a strong industry and build bright cities and unprecedented industrial, touristic and urban areas. This will ultimately raise the dollar’s earnings, strengthen the pound, and leave Egypt’s economy strong and able to face challenges.
