Brussels: Minister of Planning, Economic Development and International Cooperation Rania el Mashat has launched the English version of the executive summary of "Egypt's Narrative for Economic Development: Reforms for Growth, Jobs and Resilience." The announcement was made during Mashat's participation at the Global Gateway Forum organized by the European Commission, where the summary was shared with EU Commissioners and European financial institutions in anticipation of the upcoming International Monetary Fund (IMF) and World Bank Annual Meetings.
According to State Information Service Egypt, the forum provided a platform for Mashat to discuss Egypt's national economic narrative with European Commissioners and bilateral development partners. She emphasized the government's focus on achieving macroeconomic stability, structural transformation towards tradable sectors, and redefining the state's role to empower the private sector. These objectives form the cornerstone of Egypt's new economic model, which has been under sustained development since March 2024.
Mashat highlighted Egypt's significant investments in infrastructure over the past decade, aimed at bolstering industrialization and exports. The national narrative seeks to continue these economic reforms with a sharper focus on productive sectors and the real economy. She described the narrative as a comprehensive economic reform program extending beyond fiscal policy to include real economic sectors, with a clear timeline for implementing structural reforms.
The minister noted that Egypt is already experiencing a shift in economic structure, particularly in the growth composition for FY 2024/2025. Non-oil manufacturing has witnessed exceptional growth, becoming one of the fastest-growing sectors alongside tourism, ICT, agriculture, and other vital areas. Mashat outlined the government's strategy to redefine its role in the economy through the State Ownership Policy Document.
Macroeconomic stability remains a cornerstone of Egypt's reform program, with efforts to place public debt on a downward trajectory and increase foreign exchange earnings from tourism, productive sectors, and foreign investments. The government is also maximizing concessional financing and debt swaps to prolong debt maturities, adopting a proactive debt management approach to lower the debt-to-GDP ratio and diversify funding sources.
Furthermore, Mashat confirmed the implementation of integrated strategies to expand fiscal space for key human development sectors, such as health and education. Restructuring public debt and extending maturities aim to unlock additional resources for investment in social protection networks and vital public services.