Madbouly: The strength of the economy has nothing to do with the price of the currency

Dr. Mostafa Madbouly, Prime Minister, tried to clarify a very important issue, which is that the strength of the economy has nothing to do with the strength of the currency.

He pointed out, during his speech at the opening session of the economic conference, that the Egyptians link the price of the currency to the strength of the economy, and that devaluing the currency may be a measure to advance investments and support the economy internally.

Madbouly explained that the problem is not the exchange rate, but in curbing inflation, pointing out that 73% of the Egyptian external debt;  medium and long term;  That is, it is not in a hurry to pay, and "if we avoid debt service... Egypt's revenues will be greater than its expenditures, and this indicates that the surplus is paid and meets the debt services."

He added that major financial institutions changed their opinion about the Egyptian economy from 2011 until we reached 2020, noting that the International Monetary Fund expected an increase in Egyptian growth rates.

Today, Sunday, the activities of the first day of the "Economic Conference - Egypt 2022", which is organized by the government during the period from 23 to 25 October, kicked off.  Commissioned by President Abdel Fattah El-Sisi, to discuss the conditions and future of the Egyptian economy, with the wide participation of a group of senior economists, thinkers, and specialized experts.