Dr. Bilal Shaib, a prominent economic expert, emphasized that Egypt has entered a phase of tangible returns from the challenging economic measures implemented over recent years. He praised the resilience of the Egyptian people, calling them the ‘true heroes’ for enduring the burdens of economic restructuring amid unprecedented global crises.
During a televised interview on Extra News, Shaib commented on statements made by Prime Minister Dr. Mostafa Madbouly, highlighting that the past five years have been marked by significant challenges, including the coronavirus pandemic, the Russia-Ukraine conflict affecting 35% of global grain trade, and regional geopolitical tensions—all of which heavily impacted Egypt’s domestic economy.
He noted that over the last decade, Egypt invested more than 10 trillion EGP in infrastructure development, contributing to a surge in foreign direct investment (FDI), which peaked at $46.5 billion by the end of 2024. This strategic investment has played a crucial role in enhancing the country’s economic stability and attractiveness to international investors.
Shaib pointed to several positive economic indicators signaling recovery. The government is actively addressing structural imbalances in the trade balance, where annual import bills average $90 billion, while exports previously hovered around $46.5 billion. Efforts are underway to localize industries, reduce import dependency, and boost export capacity.
In the tourism sector, revenues reached approximately $16.7 billion, with an ambitious target of achieving $50 billion in the coming years—an objective expected to significantly strengthen foreign currency inflows.
Currency stability has also improved markedly. In early 2025, the dollar exchange rate exceeded 50.5 EGP, but it has since declined to around 47.5 EGP, reflecting enhanced financial and monetary stability. This shift has supported a rise in foreign exchange reserves, now exceeding $50.5 billion, alongside increased remittances from Egyptians abroad.
Looking ahead, Shaib stressed that these macroeconomic gains should translate into improved living standards for citizens. With youth comprising 65% of Egypt’s population, creating one million jobs annually is essential. The state, in collaboration with the private sector, is focusing on employment generation, income improvement, and better quality of life.
— news from \”اليوم السابع\”