Egypt Independent

Egypt’s Sisi discusses economic reform with Central Bank governor



 

Egyptian President Abdel Fattah al-Sisi held a meeting with Governor of the Central Bank of Egypt (CBE) Tarek Amer on Wednesday, encouraging him to take the steps required to implement the country’s economic reforms.

Sisi ordered Amer to take measures to reduce the public debt, increase exports, reduce imports and sell essential commodities at low prices.

Sisi also met Prime Minister Mostafa Madbouli, Minister of Planning Hala al-Saed, and Head of the General Intelligence Service (GIS) Abass Kamel, asking to accelerate construction work in al-Alameen city.

The meeting discussed the government’s plan of utilizing its not yet fully-exploited state assets, and described new indicators of economic performance.

Sisi asked the government to complete its establishment of Egypt’s first sovereign wealth fund by international standards, aiming at achieving good management of state assets.

The House of Representatives approved a law in July to establish this wealth fund, called the “Misr Fund” (Egypt Fund). Its total capital and issued capital will be LE 200 billion and LE 5 billion respectively, collected from the public treasury.

The primary source of the fund’s resources will be the assets base, which the fund will invest in cooperation with the private sector.

Edited translation from Al-Masry Al-Youm.