"The worst has passed," Egypt's Prime Minister assures his people
The Egyptian Prime Minister recently asserted that Egypt’s nagging economic challenges, particularly concerning debt repayment, are now a thing of the past.
Egypt has faced one of the most severe economic downturns in its recent history, necessitating the acquisition of loans to address its fiscal deficits.
Mostafa Madbouly relayed that “the worst has passed” as it relates to the accumulation of external debt intended to resuscitate its economy.
The country’s economic recovery was underscored by the decline in its inflation. Last month, Egypt's inflation level fell to 12%, down from 13.9% the month prior.
This decline, fueled by its economic policies, has been consistent since the year began, with a noticeable month-on-month change in February, when the inflation rate came in at 12.8% compared to 24% in January, marking its lowest level since 2022.
In 2024, officials let the country's currency (the Egyptian pound) fall by more than 35% against the dollar and raised interest rates to a record high in March to ensure outside finances.