Arab Finance: Egyptian Prime Minister Mostafa Madbouly emphasized the importance of recent agreements in the petroleum sector, stressing the state’s commitment to overcoming challenges, increasing investment, and boosting productivity in this vital sector, which plays a major role in Egypt's economy, as per a statement.

During a press conference, Madbouly addressed a wide range of national progress in key sectors

Madbouly also mentioned President Abdel Fattah El-Sisi’s participation in the BRICS Summit, marking Egypt’s first attendance as an official member of the influential group.

He underlined the significance of BRICS for emerging economies and its role in fostering cooperation among member states to tackle global challenges.

Additionally, Madbouly highlighted Egypt’s recent recognition at the World Health and Population Conference, where the country received the gold certification for being malaria-free.

Turning to infrastructure, Madbouly praised the government’s efforts to improve healthcare facilities, referencing his recent visits to hospitals in Minya Governorate as examples of the advanced medical services being expanded nationwide.

He reiterated the government's long-term vision to incorporate all governorates into the comprehensive health insurance system.

In the context of economic reform, the Prime Minister acknowledged the challenges posed by the global economic landscape but affirmed the government's ongoing efforts to create jobs and reduce unemployment, which has fallen to 6.5% despite a population increase of 25 million since 2011.

He also touched on the state’s discussions with the International Monetary Fund (IMF), focusing on adapting the economic program to recent developments and ensuring it aligns with Egypt’s growth objectives.

Madbouly addressed rumors about the need for another currency flotation, dismissing them as outdated and emphasizing the stability of foreign exchange flows and the state’s commitment to meeting all financial obligations.

He also announced progress on legislation to establish financial and business zones in Egypt, aimed at attracting foreign direct investment through flexible mechanisms modeled on global best practices.

The law, expected to be finalized by the end of 2024, will encourage international companies to invest in Egypt’s growing economy.

On the topic of healthcare, Madbouly confirmed that the crisis in the pharmaceutical sector has been largely resolved, with 95% of issues addressed.