Ministry of Planning, Economic Development and International Cooperation Issues the 2024 Annual Report Entitled "Macroeconomic Stability, Structural Reforms, and Economic Diplomacy to Advance Sustainable Economic Development"

For the 5th Consecutive Year:

 

Ministry of Planning, Economic Development and International Cooperation Issues the 2024 Annual Report Entitled "Macroeconomic Stability, Structural Reforms, and Economic Diplomacy to Advance Sustainable Economic Development"

 

 

 

Al-Mashat:

 

The report details in 5 parts the development of international partnerships and efforts to advance economic development and enhance macroeconomic stability during 2024.

Keen on enhancing transparency and providing information continuously through the issuance of periodic reports.

Development financing for the private sector continues to increase, recording $4.2 billion in 2024, the highest level in 5 years.

$3.2 billion in development financing for the government sector, including $1.8 billion in budget support and $300 million in development grants.

The annual report reviews the methodologies for preparing the new development plan, implementing the National Structural Reform Program, and the Ministry's vision with the formation of the new government.

 

 

 

 

In furtherance of the principles of transparency and governance, and continuing the approach adopted by the Ministry since 2020, the Ministry of Planning, Economic Development and International Cooperation launched the 2024 Annual Report, for the 5th consecutive year. This year's report is entitled "Macroeconomic Stability, Structural Reforms, and Economic Diplomacy to Advance Sustainable Economic Development."

 

 

Link to the 2024 Annual Report:

https://moic.gov.eg/en/page/annual-report-2024

 

 

 

This took place during a high-level event with the participation of H.E. Mohamed Gibran, Minister of Labor; H.E. Prof. Ashraf El-Araby, President of the Institute of National Planning; H.E. Ambassador Angelina Eichhorst, Head of the EU Delegation to Egypt; H.E. Alessandro Fracassetti, UNDP Resident Representative in Egypt; H.E. Olivia Toderean, Ambassador of Romania to Egypt; and representatives of the German Agency for International Cooperation (GIZ), the World Bank, the African Development Bank, the Japan International Cooperation Agency (JICA), and other development partners.

 

The report features messages from His Excellency President Abdel Fattah El-Sisi, President of the Republic, during his participation in the BRICS Plus Summit, the D-8 Summit for Economic Cooperation, and the G20 Summit in Brazil, followed by a statement from H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation.

 

The Ministry's annual report is issued in five parts and twelve chapters, covering the various activities of the Ministry of Planning, Economic Development and International Cooperation in the past year. The report reviews the key activities of the Ministry of International Cooperation in the first half of the year, and then covers the activities of the Ministry of Planning, Economic Development and International Cooperation in the second half, following the merger of the two portfolios with the announcement of the new government.

 

H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, affirmed that the Ministry's issuance of the annual report for five consecutive years since 2020 comes within the framework of its commitment to transparency, disclosure, and the engagement of citizens and development partners in the state's efforts to achieve development.

H.E. Minister Al-Mashat highlighted that, in addition to the results of the work with international partners, the report details the Framework for Sustainability and Financing for Economic Development, which the Ministry launched after the merger, as well as the most prominent and important measures and steps taken to monitor the governance of investment spending, implement the economic and social development plan for the current fiscal year, the new methodology for preparing the investment plan for the coming years, and the most significant developments in the GDP growth rate, in addition to the executive status of the National Economic and Structural Reforms Program.

 

 

 

Framework for Sustainability and Financing for Economic Development

 

 

The annual report of the Ministry of Planning, Economic Development and International Cooperation includes five parts that review the details of the Ministry's framework, the new phase following the merger of the two portfolios in the new government, and efforts to govern public investments.

The second part addresses efforts to localize the Sustainable Development Goals, regional cooperation and joint committees, and participation in international events and forums.

The third part focuses on consolidating macroeconomic stability and implementing the National Structural Reform Program, while the fourth part highlights efforts to empower the private sector.

The final part addresses mechanisms to promote the transition to a green economy and investment in human capital.

 

 

New Methodology for Preparing the Development Plan

 

The report also details the most prominent actions taken by the Ministry in the second half of the year to enhance economic development efforts, including the launch of Egypt’s Integrated National Financing Strategy (E-INFS) for Development, in cooperation with the United Nations Development Programme, and the development of a new methodology for preparing the economic and social development plan for the fiscal year 2025/2026, according to a comprehensive development perspective based on fundamental pillars. These pillars start from the targets and principles of Egypt's Vision 2030, and are integrated with the priorities of the government's work program and sectoral strategies and plans, within the framework of the effective application of the modern trends of the Public Planning Law, and in support of efforts aimed at stimulating the role of the private sector in sustainable development through the implementation of the state ownership policy.

 

The report also reviews the recovery of GDP growth rates in the first quarter of the current fiscal year 2024/2025, and the positive developments in several sectors such as non-petroleum manufacturing industries, influenced by the economic and structural reform measures implemented by the state, in addition to future growth expectations.

 

The report pointed to the "Framework for Sustainability and Financing for Economic Development," which the Ministry developed after the formation of the new government, and which is consistent with local and regional changes, in order to achieve qualitative, sustainable, and inclusive economic growth, taking into account environmental and social dimensions.

It does not focus solely on growth as an indicator, but goes beyond that to the type of growth and its impact on improving citizens' lives and living standards.

This is achieved through three main pillars of this framework: formulating an economic development policy based on data and evidence to provide information that enhances discussions about needs and opportunities, and addressing gaps in the areas of human capital and industrial development, small and medium-sized enterprises, technology, entrepreneurship, sustainable infrastructure, green investments, and others. This is while ensuring strong monitoring and evaluation mechanisms to track progress and improve outcomes; building a resilient economy and enhancing macroeconomic stability through the implementation of structural reforms to increase competitiveness and improve the business environment, supporting the flexibility of macroeconomic fiscal policies, and transitioning towards a green economy; in addition to mobilizing domestic and foreign financing to achieve sustainable development through an integrated national financing strategy, which enhances the allocation of resources to priority sectors, stimulates private sector investments, and accelerates progress towards achieving the SDGs.

 

Economic Diplomacy and Financing for Development

 

The report affirmed that 2024 witnessed the activation of economic diplomacy and financing for development, with development financing from international partners reaching approximately $9.6 billion. For the first time, financing directed to the private sector, amounting to $4.2 billion, exceeded the volume of government financing, which amounted to $3.2 billion, including $1.8 billion for budget support and $300 million in development grants, in addition to credit facilities for the import of strategic goods from the International Islamic Trade Finance Corporation.

In addition, the past year witnessed the consolidation of Egypt's position among development partners and active participation in international forums. The annual report reviews foreign visits throughout the year, including a visit to the headquarters of the European Commission in Brussels, participation in the annual meetings of the World Bank Group and the World Economic Forum "Davos," as well as visits to bilateral development partners such as Italy and Japan, and the numerous joint committees that were held.

 

 

National Structural Reform Program

 

The report outlined that, based on the Ministry of Planning, Economic Development and International Cooperation assuming responsibility for following up on the implementation of the National Economic and Structural Reform Program, in coordination with all relevant entities and cooperation with international development partners, the report reviews the results achieved by the Ministry in the past year within the framework of this program.

This program includes numerous policies and measures aimed at enhancing macroeconomic stability, diversifying the Egyptian productive economy by focusing on the real economy sectors of industry, agriculture, communications, and information technology, increasing competitiveness and improving the business environment, supporting the transition to a green economy, and raising the efficiency and flexibility of the labor market and developing the technical and vocational education and training system.

 

 

Ministerial Group for Entrepreneurship

 

The report emphasized that the Egyptian government places supporting the startup sector at the top of its priorities, referring to the Prime Minister's decision to launch the Ministerial Group for Entrepreneurship, chaired by H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation. The report focuses on the results achieved by the Ministerial Group, its regulatory framework, and the working groups that have been launched to move forward in encouraging the knowledge-based economy and supporting the startup community.

 

 

Private Sector Empowerment

 

The report highlights the Ministry's efforts to empower the private sector through various mechanisms, including development financing and technical support available through development partners, as well as structural reform measures to create a favorable business and investment climate, and the services provided by the Hub for Advisory, Finance and Investment for Enterprises  "HAFIZ". It also details the Ministry's efforts in promoting investment in human capital and advancing climate action and the transition to a green economy.

The report monitors the development of development financing for the private sector, which has witnessed a continuous increase over 5 years to reach the highest level during that period, recording $4.2 billion in 2024, compared to $2.9 billion in 2020.