CAIRO, March 26 (MENA) – Prime Minister Mostafa Madbouli said that Egypt’s economy is on the right track, recording 4.3% growth in the second quarter of the current fiscal year.

He added that if external pressures are eased, Egypt will see a leap in performance across sectors.

During a press conference following the weekly Cabinet meeting, Madbouli reassured Egyptians that the country’s economic position is strong.

He pointed out to the lowest unemployment rate in 20 years at 6.4%, with youth unemployment at 14.2%, down from 26.5% a decade ago. Inflation has slowed, reserves are stable, and bank assets are improving, he said.

The premier also stated that all sectors grew in the last quarter, except the Suez Canal and oil extraction, which the government plans to recover soon. If global conditions stabilize, he expects growth could reach 6%.

Additionally, Madbouli highlighted an agreement with the International Finance Corporation to help manage Egypt’s airports.

He stressed that the state is not selling assets, but working with global operators to improve efficiency and boost tourism. (MENA)

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