● Al-Mashat: Egypt’s economy has entered a phase of transformation since March 2024, marked by strengthened fiscal and monetary discipline and an accelerated pace of structural reforms.
● Ongoing efforts to enhance the efficiency of resource use and optimize the mobilization of domestic and external resources to implement national priorities.
Dr. Rania Al-Mashat, Minister of Planning, Economic Development & International Cooperation, met with members of the Senate’s Foreign Affairs Committee at the start of the new parliamentary session, chaired by Dr. Mohamed Kamal, Head of the Committee, and attended by the Committee’s esteemed members.
During the meeting, Dr. Al-Mashat outlined the Ministry’s vision and efforts to strengthen economic diplomacy and development planning in support of development and sustainable growth. She noted that the Ministry is responsible for managing public investments as well as external financing components from multilateral and bilateral development partners.
She highlighted that Egypt’s economy has entered a new phase since 2024, witnessing a clear economic transformation based on a coherent national vision aimed at strengthening macroeconomic stability and enhancing resilience to shocks. She explained that this transformation became particularly evident as of March 2024, with the acceleration of economic reforms and the launch of a comprehensive reform phase focused on fiscal and monetary discipline, attracting foreign direct investment, and advancing structural reforms to ensure inclusive, private-sector-led growth.
Dr. Al-Mashat further noted that, with the formation of the new government, the Ministry has redefined its vision to strengthen financing for development, economic diplomacy, and the optimal utilization of domestic resources within the economic and social development plan, while maximizing the benefits of international partnerships.
She added that the merger of the Planning and Economic Development portfolio with International Cooperation reflects the State’s vision for effective governance and enhanced efficiency in the use of resources to achieve government priorities and implement development projects across all sectors. This is achieved through the governance of public investments, securing the necessary foreign currency resources from development partners, strengthening the pivotal role of the private sector as a key driver of economic development, and leveraging innovative financing instruments provided by financial institutions to empower the private sector.
Dr. Al-Mashat also emphasized that the Ministry is working to strengthen partnerships with international institutions, UN organizations, and the private sector, and to mobilize resources and advance financing-for-development solutions. She explained that Egypt’s strong international relations, longstanding partnerships, and proven capacity to design and implement projects effectively enhance the State’s ability to secure concessional financing—at a lower cost than international market borrowing—to implement development projects without adding burdens to public debt and while extending debt maturities.