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Council of Ministers Meeting No 16

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   Today, Dr. Mostafa Madbouly, the Prime Minister and the Minister of Housing, Utilities and Urban Communities, chaired the weekly meeting of the Council of Ministers to discuss and review a number of service and development files.

The Prime Minister began the meeting by referring to his visit yesterday to the Republic of South Sudan, where he participated on behalf of President Abdul Fattah al-Sisi, the celebration of implementing the 2018 peace agreement. 
Dr. Mostafa Madbouly stressed on the importance of supporting and enhancing cooperation with the State of Southern Sudan in the coming period in order to help the government in consolidating the pillars of stability and peace for the Sudanese people in the south. He also stressed on the need to increase the framework of joint cooperation with African countries in general, within the framework of the State's keenness to strengthen its relations with the countries of the Sudan. This is by default to achieve common interests, and contribute to strengthening Egypt's leading role in Africa.

In addition, the Minister of Finance, Dr. Mohamed Meit, presented the results of the discussions held with the IMF mission during its recent visit to Cairo (18-31 October 2018). The Minister pointed out that an agreement was reached on the fourth review of the Egyptian economic reform program, which is supported by IFAD. After the approval of the Executive Board of the Fund on the results of this review, there will be about US $ 2 billion available to Egypt, bringing the total amount disbursed under the program to about US $ 10 billion of the total about 12 billion dollars’ worth of loan program to be received by Egypt.

Dr. Meit emphasized on the appreciation of the mission on the efforts made by the Egyptian government to implement the reform programs and take progressive steps in economic development. He also praised the strong and disciplined financial performance of the government over the past period, which he expressed as proof of improvement in the performance of the Egyptian economy by an international institution.

Lastly, Dr. Meit added that the IMF mission indicated that the Egyptian economy is continuing to perform well despite the global economic hurdles. He illustrated that the GDP growth rate increased from 4.2% in 2016/2017 to 5.3% in 2017/2018 while unemployment fell to less than 10%; at the same time, the current account deficit fell to 2.4% of GDP 2017/2018 from 5.6% in the previous year; total government debt decreased from 103% of GDP in 2016/2017 to about 93% of GDP In 2017/2018. These positive economic indicators are all supported by fiscal controls and high growth.