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Minister of Planning, Economic Development, and International Cooperation Rania Al-Mashat met with a delegation representing S&P Global Ratings for talks on the country’s ongoing economic reforms.

The meeting was attended by senior S&P officials, including Roberto Sifon-Arévalo; acting Global Head of Sovereign and International Public Finance Ratings, Benjamin Young; Managing Director and Head of Sovereign Ratings for Europe, the Middle East, and Africa, and Ravi Bhatia; Director of Sovereign and International Public Finance Ratings.

Al-Mashat outlined the key improvements in Egypt’s macroeconomic indicators and reaffirmed the government’s continued commitment to structural and economic reforms aimed at consolidating the gains achieved since the reform measures introduced in March 2024.

She also referred to efforts to empower the private sector and attract both local and foreign investment.

She noted that Egypt recorded positive GDP growth of 4.2% during the first nine months of fiscal year 2024/25, compared to 2.4% in the same period the previous year.

She attributed the growth to some key sectors, such as non-oil manufacturing, exports, ICT, and tourism — all of which benefited from the March 2024 reforms.

Al-Mashat said private investment grew at an annual rate of 24.2% in Q3 of FY 2024/25, reaching EGP 142.8 billion, outpacing public investment for the third consecutive quarter and accounting for approximately 62.8% of total implemented investments (excluding inventories).

She reiterated government’s commitment to inclusive and sustainable development underpinned by the National Structural Reform Program which aims to reinforce macroeconomic stability, improve the business climate, and support the transition to a green economy.

Al-Mashat said Egypt has become a platform for development financing for both domestic and foreign private sector entities in cooperation with international development partners.

She highlighted the government’s efforts to enhance debt sustainability through sound governance and steps to reduce external debt.

In this context, Al-Mashat unveiled the launch of Egypt’s “National Narrative for Economic Development”, a strategic framework that aligns the government’s action plan for 2024/25–2026/27 with Egypt Vision 2030.

Source: The Egyptian Gazette