Cabinet mulls proposals to maintain BoP positive position in short, long terms
Updated 5/30/2023 10:22:00 AM
Arab Finance: The Egyptian Cabinet has discussed proposals to maintain positive indicators regarding balance of payments (BoP) position in the short and long terms, Cabinet Spokesperson Nader Saad stated on May 29th.
In the short run, the cabinet are seeking ways to secure foreign currency inflows by moving ahead with the initial public offering (IPO) program over the coming three months, along with benefiting from expansion opportunities in the international markets, the cabinet’s spokesperson noted.
On the other hand, the long-term proposals mainly focused on boosting exports via supporting domestic industries, luring new investments, and curb imports, Saad added.
This was unveiled in a cabinet meeting, in which ministers and top officials reviewed 152 potential investment opportunities in the industrial sector, classifying them based on two factors: the target sector and the goods categories.
During the meeting, they also highlighted that BoP recorded an overall surplus during the first six months of fiscal year (FY) 2022/2023, driven by the positive indicators shown by the tourism sector and proceeds from oil and non-oil exports, in addition to higher revenues from the Suez Canal and the increase in net foreign direct investment (FDI), he highlighted.
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