Egypt sees highest monthly USD inflow of $8.5 billion in July
The figure Madbouly cited does not include volatile "hot money" investments.
It encompasses all state resources, including a significant increase in remittances from Egyptians working abroad, which Madbouly told reporters had exceeded $3.6 billion this month.
In addition, the Egyptian PM linked the rebound to renewed confidence in the economy. He noted that Egyptian remittances had reached their lowest levels during the period the country had a dual exchange rate.
Madbouly also highlighted a 25 percent decline in the country's trade deficit in goods to $11 billion in the first five months of the year. He attributed the decline to a rise in exports rather than a reduction in imports.
Furthermore, the Egyptian PM noted that the annual inflation rate fell to 13.1 percent in July from 14.4 percent the previous month. In contrast, foreign reserves increased to $49 billion.
Madbouly highlighted that among Egypt's primary sources of foreign currency, the Suez Canal was the only one to see a decline in revenues due to the ongoing tensions in the Red Sea.
Post-IMF plan
Moreover, Madbouly announced that the government is preparing to release its comprehensive economic strategy for the post-International Monetary Fund (IMF) era. The strategy would include a detailed vision for the country's development up to 2030.
The Egyptian FM indicated that the plan, which includes specific, quantitative targets for the next five years, would be presented to the cabinet next week. A public conference will be held in early September to announce the strategy.
The vision, Madbouly stressed, builds on the existing Egypt Vision 2030 framework and various sectoral strategies for key economic drivers, including industry, tourism, agriculture, and information technology.
He noted that following the announcement of the strategy in September, the government will allow a two-month public discussion period to obtain feedback from experts before finalising the document by the end of the year.
Egypt's $8 billion Extended Fund Facility (EFF) loan programme with the IMF is scheduled to conclude by September 2026. The 46-month facility was signed in March 2024 amid a foreign currency crunch and rising inflation rates.
AI education
Madbouly said the government will introduce a new course on AI, in collaboration with a major Japanese platform, to first-year secondary students starting the 2026-2027 academic year. He added that the course will not be part of the core curriculum, but that students must obtain a passing grade.
Those who pass the course, the Egyptian PM noted, would become qualified to work in AI even before they complete their formal education.
He noted that in teaching this course, Egypt is keeping pace with the latest global technological advances and ensuring that Egyptian students are equipped with the necessary skills to succeed in a rapidly evolving field.