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Mustafa Bakkar: Primary surplus hits 50 percent this year
The article discusses Mustafa Bakry's statements regarding Egypt's economic situation. He confirmed that the International Monetary Fund praised the flexibility of the exchange rate and the foreign exchange reserves held by the Central Bank. He also noted that a primary surplus of approximately 50% has been achieved this year. Bakry explained that sources of foreign currency such as tourism, worker remittances, and exports have faced challenges, especially given the regional conditions, mentioning that remittances from Egyptians abroad have reached $47.3 billion. He emphasized the importance of relying on industries and agriculture, as well as revitalizing investment, instead of continuously depending on the IMF. Bakry called for a national plan to be implemented once the funding agreement ends to avoid falling back into fiscal deficits.
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