Egyptians will start casting ballots at polling stations on Sunday, to elect a president for the coming six years.
The country’s presidential election, scheduled to wrap up Tuesday, is another political episode of democracy since the June 30 Revolution, which has ushered in stability since 2013.
The Egyptian next administration will likely carry on its efforts aimed at boosting the national economy and enhance the citizen’s purchasing power during the next presidential period.
One of key objectives will be localization of Egyptian industry and develop infrastructure across the country.
Another objective will also be to diversify sources of foreign reserves, conducting debt swap agreements. The government should also increase the private sector’s role in the national economy and gradually phase out state’s economic activity based on the state ownership document, which was enacted in 2023.
The overall objective will be taking all necessary measures to lure more foreign direct investment (FDI).
Egypt’s economy has gone through tough conditions since Covid-19 pandemic hit the world in 2020. The Russia-Ukraine conflict, which erupted in February 2022, has intensified economic challenges globally with grain importing countries like Egypt taking the hardest blow.
However, Egypt’s political leadership realized from the very beginning the challenges facing the Egyptian economy, taking a number of measures to alleviate the burden of such crises.
Source: The Egyptian Gazette
