Cairo: Prime Minister Mostafa Madbouli emphasized during a news conference following the cabinet’s weekly meeting that managing public debt is a critical priority for the government. He highlighted the importance of explaining the government’s approach to this issue to both the public and experts, ensuring that economic indicators are safeguarded without imposing additional burdens on citizens.

According to State Information Service Egypt, Madbouli addressed concerns that have been prominent on social media and television talk shows regarding the state’s ability to manage debt without affecting future generations. He assured that the government is fully aware and is taking these concerns seriously. His remarks were meant to engage both citizens and experts, with the political leadership under President Abdel Fattah El Sisi valuing the resilience shown by Egyptians.

Madbouli reflected on Egypt’s challenging conditions post-2014, following two revolutions and ongoing crises in sectors like electricity, housing, and infrastructure. He noted that electricity generation capacity was significantly lower in 2014, and without new power systems, power cuts could have been severe. He also mentioned the state’s efforts in relocating families from slums to better housing and addressing the housing crisis by building over 1.5 million units.

Furthermore, he spoke about the government’s aim for full sanitation coverage in rural areas under the ‘Haya Karima’ initiative, alongside social protection programs and infrastructure projects. Madbouli acknowledged external economic shocks impacting the economy but noted that these challenges are not unique to Egypt.

In another update, Madbouli discussed the repurposing of government buildings in central Cairo that have been vacated due to the relocation of employees to the New Administrative Capital. Investors are interested in converting these buildings for hotel and tourism activities, which would support job creation and the tourism sector. These assets have been transferred to Egypt’s Sovereign Fund to maximize their value through private-sector partnerships. Madbouli clarified that the state is not selling these buildings but offering them under usufruct agreements, allowing investors to develop and manage operations while sharing returns with the state.