Egypt’s Prime Minister, Dr. Mostafa Madbouly, announced that the country’s foreign debt decreased by more than $15 billion over the past six months. He also stated that the government aims to reduce inflation to below 10% by the end of 2025.
During a meeting with key intellectual figures, Madbouly discussed the impact of current global and regional events, highlighting how recent developments, particularly in the Middle East, have caused price hikes in essential goods such as oil and gold.
Madbouly explained that following the missile strikes on Tuesday, oil prices surged by 5%, and U.S. dollar bond prices and gold prices saw significant increases. He stressed that Egypt is navigating external factors that have a profound impact on the country, warning that if the situation escalates, it could affect tourism and the overall investment climate.
