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EGX Chairman reveals the importance of the economic reform program in encouraging investment


Dr. Mohamed Farid Saleh, Chairman of the Board of Directors of the Egyptian Stock Exchange, said that the first step in any economic reforms is to create the macroeconomic environment by reforming the fiscal and monetary policies, and the state has succeeded in achieving this step in a very efficient manner starting in 2016. Flexible movement of exchange rates to reflect the forces of supply and demand. For the first time, the Central Bank of Egypt targeted the inflation rate in Egypt. As for the fiscal policy, the state dealt with the utmost transparency, strength and endurance in controlling the state’s general budget deficit, and increasing revenues to approach expenditures.


"Farid" added, in a series of video interviews to "The Seventh Day", that establishing discipline in the fiscal and monetary policies encouraged investors to indirect investment in government debt instruments, whether bonds and treasury bills or direct investment in a particular sector, after studying the sector, its basics and laws.

 

He added that the second step is after structuring the macroeconomic environment, which is structuring sectoral reforms, setting an example by issuing the microfinance law, which encouraged the establishment of many companies to work in this activity. Energy, and other sectors are being worked on to improve their performance.

 

The Chairman of the Egyptian Exchange likened the importance of carrying out structural reforms in the economy to the process of evaluating a house to buy it, saying that no person who wants to evaluate a house to buy can find it unprepared and will not accept to buy it, and therefore the first step was to encourage investors to invest in Egypt is to create a macroeconomic environment, and after This preparation encourages the investor to enter, and then improve the performance of the economic sectors to attract investments in them.

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