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Madbouly, key ministers discuss boosting Egyptian-American economic cooperation

Madbouly, key ministers discuss boosting Egyptian-American economic cooperation

Zawya4 days ago
Arab Finance: Prime Minister Mostafa Madbouly held a ministerial meeting to follow up on efforts to enhance Egyptian-American economic cooperation, according to a statement.
Madbouly emphasized the government's keenness to propose specific projects for discussion during the coming period, highlighting several promising opportunities available to American companies, especially in light of the Egyptian incentives offered to foreign investors.
On his part, Minister of Foreign Affairs Badr Abdel Aty reviewed the communications and exerted efforts to support Egyptian-American relations, both bilaterally and regarding issues in the Middle East.
Meanwhile, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir highlighted the investment opportunities presented to US-based companies under consultation, whether in the ports and maritime transport sectors or industrial zones.
During the meeting, Minister of Planning and Economic Development, and International Cooperation Rania Al-Mashat highlighted development cooperation efforts with the US through a number of successful cooperation programs that serve development efforts in Egypt and support relations between the two sides.
Al-Mashat reviewed the features of the Egypt-US economic cooperation program, as well as the latest developments of projects funded by the United States Agency for International Development (USAID) in Egypt.
Finally, Minister of Investment and Foreign Trade Hassan El-Khatib explained the ministry's efforts to support trade exchange between the two sides and support American investments in Egypt.
At the conclusion of the meeting, the Prime Minister directed coordination between all relevant authorities to prepare a set of promising investment opportunities and follow up on their presentation to American companies within the framework of promoting foreign investments in Egypt.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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International Monetary Fund (IMF) Executive Board Concludes 2025 Article IV Consultation with Equatorial Guinea and IMF Management Approves the First and Second Reviews Under the Staff Monitored Program for Equatorial Guinea
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The authorities have implemented substantial reforms over the past year in the context of the SMP. The significant fiscal adjustment in 2024 helped initiate stabilization of the public debt dynamics and restoration of external balance. They enacted a new tax law that broadens the tax base, prepared a plan to phase out fuel subsidies, began making payments under a new arrears clearance strategy and reformed the customs administration. The authorities took concrete steps toward restoring the health of the financial sector. In an effort to improve governance and transparency, they also developed an AML/CFT strategy and published contracts in the extractive sector and an audit of spending following the accidental explosions in Bata in 2021. 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Directors called for ambitious social spending reform to improve social outcomes and boost human capital development. They stressed the importance of approving the social protection law to enable the building of comprehensive social safety nets. Directors commended the progress made toward restoring the health of the financial sector—including the completion of the audit of the systemic public bank and the creation of an arrears clearance strategy—but noted that vulnerabilities remain. Directors highlighted the importance of obtaining approval from the regional banking supervisor for the arrears clearance plan, further strengthening private banks' balance sheets, and implementing the financial inclusion strategy. Directors urged the authorities to redouble their efforts to substantially improve transparency and governance. They regretted the authorities' decision to step back from the long‑standing commitment to publish asset declarations of public officials, and many Directors urged the authorities to reconsider this option. Directors considered that the publication of an annual report on financial flows in the extractive sector could help demonstrate the authorities' commitment to address their governance deficit. They recommended further governance reforms to address issues highlighted in the 2019 governance diagnostic, including implementing the AML/CFT strategy. A predictable and transparent business environment with reliable and efficient application of laws is needed to create a level playing field that would attract domestic and foreign investment. It is expected that the next Article IV consultation with Equatorial Guinea will be held on the standard 12‑month cycle. Table 1. 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