CAIRO, April 9 (MENA) - Prime Minister Mostafa Madbouli assured Egyptians on Wednesday that situation in the country is stable and that the government is securing essential supplies, including energy for the summer.

He said the government is holding regular meetings with key ministers and the central bank governor to monitor the situation.

At a press conference, Madbouli described what is taking place in the world at the present time as a full-scale war, saying it is not a military one but a comprehensive trade and economic war.

He referred to the latest trade decisions taken by the Trump administration in the US that had ramifications on many world economies, prompting many countries to take defensive measures.

“We are entering a new era where long-held constants are being dismantled in favor of mechanisms aimed at globalization and dismantling alliances to replace them with bilateral relations focused on maximizing gains,” he said.

He referred to warnings by many international experts and institutions of new waves of big inflation to be accompanied by global recession, saying “we are in a turbulent global scene that demands every country to devise a strategy to remain resilient and avoid more negative repercussions.”

He also pointed to significant outflows of foreign capital from global markets, including Egypt, over the past few days, saying “we saw some foreign exits on Sunday and Monday, which have since slowed. What is taking place in the Egyptian market is a global trend. The central bank is closely coordinating efforts to manage the situation,” Madbouli said.

The prime minister emphasized the government's priority is to maintain economic stability and continue growth, tasking the economic group with preparing scenarios to handle ongoing challenges.

Madbouli unveiled plans for holding a meeting with the Economic Advisory Committee next week to review proposed measures and ideas. He underlined the importance of addressing the current challenges in a comprehensive way, saying “we are in the midst of a global economic war that requires us to deepen our cooperation with a large number of trade partners, secure basic needs including food and energy, and press forward with economic reforms while supporting local production and foreign direct investment.”

Despite the current challenging situation, Madbouli said there are still available promising opportunities, adding that some international reports suggest that some countries, including Egypt, could benefit in domains like industry and investment.

He underlined the importance of leveraging Egypt's geographic position and entering into strategic global partnerships.

He described the visit of French President Emmanuel Macron to Egypt as “historic,” reaffirming strong bilateral ties binding the two countries. The visit included agreements to upgrade relations to a strategic partnership and the signing of several deals in sectors including health, education, infrastructure, and green energy, including a 7 billion euro worth project to produce green hydrogen in Ras Shokeir.

The premier highlighted that the visit also saw a trilateral summit grouping President Abdel Fattah El Sisi, Macron and Jordan’s King Abdullah II to discuss the crisis in Gaza, which included a phone call with US President Donald Trump.

On the final day of his trip, Macron and Sisi visited Arish city to inspect Arish General Hospital where many wounded Palestinians are being treated and toured a logistics center for humanitarian aid destined for Gaza, according to Madbouli.

The premier welcomed the European Parliament’s approval of the second phase of Egypt’s strategic partnership with the EU, including €4 billion in direct support.

He announced agreements signed with Egypt’s sovereign wealth fund and several investment banks to offer several companies affiliated with the national service projects authority, including Wataniya, ChillOut, Silofoods, and Safi – for partial privatization under the government’s divestment strategy, with plans to complete the process by 2026.

He unveiled plans to offer by June the area that housed the premises of ministries in downtown Cairo in order to repurpose them especially now that the government has already evacuated them and moved to the New Administrative Capital. He promised that the architectural and historical features of the area will be preserved during the redevelopment process.

Madbouli also referred to the trial operation of the Giza pyramids site where a new visitor system was introduced, saying the experimental operation of the new system will continue till May.

Under the new system, private cars and tourist buses are barred from entering the site, with eco-friendly electric vehicles now providing transportation within the area. horse and camel owners—who previously operated independently—were relocated to other areas to organize camel and horse riding for visitors without interfering with main transportation routes.

The premier referred to discussions with the Minister of Parliamentary and Legal Affairs, in his capacity as member of he board of trustees of the National Dialogue, that tackled ways of benefiting from the National Dialogue initiative in supporting political and media reforms. (MENA)
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