14 August 2020 02:27 AM

Sisi, economic committee confer on financial developments

Wednesday، 27 July 2016 - 04:30 PM

President Abdel Fattah El Sisi met on Wednesday 27/6/2016 Prime Minister Sherif Ismail and members of the ministerial economic committee to review the latest financial developments. 

The 2016-2017 budget also figured high in the meeting, said Presidential Spokesman Alaa Youssef. 

Ismail posted Sisi on the outcome of committee talks to secure funds needed to restore stability to the financial and monetary markets, Youssef said. 

The meeting also took up the outcome of negotiations with the International Monetary Fund (IMF) to support an economic reform program adopted by the Egyptian government, he added. 

The governor of the Central Bank of Egypt (CBE) and the finance minister will resume talks with an IMF delegation that will visit Cairo in days, Youssef said. 

Sisi stressed that cooperation with the IMF should also help boost world confidence in the Egyptian economy and lure foreign investments, which in turn would achieve monetary and financial stability. 

Action should be taken to strike a balance between rationalization measures included in the reform program and steps meant to contain their impact on the limited income brackets, Sisi told the committee. 

Talks also tackled ways to increase State resources, which is one tool of the economic reform program, the presidential spokesman said. 

They also agreed on the importance of rationalizing government spending and encouraging home-made products, Youssef further said. 

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