special edition 4 6 2026 Prime Minister Mostafa Madbouly holds press conference following weekly Cab

Good afternoon everyone. I'd like to use this press conference to wish you all a very happy holiday. I hope you had a good vacation, and may God always grant us, Egypt, and all Islamic countries prosperity and blessings. We haven't had a meeting for a while due to the vacation and holidays. Since our last press conference held in Giza, when you were all accompanying me, today I would like to use the opportunity to discuss the recent developments in the region and internationally, and to highlight the great efforts by the Egyptian state to continue negotiations between the United States and Iran, and the efforts exerted by the political leadership and the Ministry of Foreign Affairs in this regard. Of course, you have been following the activities of President Abdel Fattah el-Sisi this week, his meetings with several communities and international organizations, as well as his calls with many leaders from around the world, including French President Emmanuel Macron, and his address during the celebration of Africa Day. All of this shows the great work by Egypt to maintain peace, stability, and security in the region, and to de-escalate conflict and wars that are affecting us and the region as a whole. Also, the development of the African continent and the sustainable development agenda for Africa for 2063, and the support to African countries over the last period and in the future. Of course, you all know the developments regarding the war that is currently ongoing, which the whole world is hoping for a ceasefire to be announced as soon as possible and an announcement that the war has come to an end. However, unfortunately, even after we were ready to receive such news of the end of the war, another escalation occurred where Kuwait and Bahrain were also attacked over the last two days. Egypt strongly condemns these attacks against these countries, which are unacceptable, and Egypt confirms and affirms the sisterly, brotherly ties with Gulf nations. This is the Egyptian stance from the very beginning. Let me move to some of the internal files. First, we will start with the economic file. I would like to take a moment to discuss the recent development by the Central Bank of Egypt, where they discussed Egyptian remittances from July 2025 to March 2026, which has gone to 34.9 million over the last 9 months, compared to 6.14 million which we saw a year ago. This shows the continued trust in Egyptians abroad, even in light of the international crisis and shocks in the markets. But until today, the Egyptian economy is stable and secure, and financial development in Egypt is ongoing very well. This figure shows the stability. Also, we have seen an increase in tax revenues again by 29% from July 2025 to March 2026. This is a great achievement. The government and the state did not ask for more taxes, but this is just a result of digitalization of the whole tax revenue process, which has enabled the Ministry of Finance to achieve this development. Also, the new fiscal year will see new laws being implemented and agreed upon by the parliament. We will see bundles of tax assistance and subsidies, as well as facilitations to allow investments both internally and for foreign direct investments in the near future. Also, I was reviewing with my colleagues and the ministers. We are on the doorstep of a new fiscal year, and I will be following up on the new budget as the parliament will approve later. This will see a 30% increase for the health sector, and the education sector will see an increase of 20% in its budget. This shows over 47.5 billion Egyptian pounds for healthcare and health treatment. This is a great number, a 69% increase from the numbers that were previously put. Also, the industry will get a great part of subsidies, over 90 billion Egyptian pounds, to assist industries, small and medium businesses and enterprises. This is very important. Of course, the state is supporting the industries in the near future. Also, for exports, we have 48 billion Egyptian pounds set aside. We are hoping that this new fiscal year shows great achievement and development, and figures remain on the uptick. Today we are seeing a 5.3% growth, and this is a good quarterly rate, and we are going well in this regard. Another file that I would like to discuss with you, and I've been following up with the Deputy Prime Minister, is the reinstitutionalization of several industries. Also, we are going to take some decisions regarding these institutions, either to cancel or reform them, starting from the beginning of this month. This has been agreed upon, and we will be speaking about the importance of this throughout the next few months, maximizing the rankings. Also, another issue on the agenda is the plan to deal with and benefit from companies registered by the Egyptian stock exchange. This is very important. These 16 companies, for example, that are owned by the state before the 30th of June, and another four companies also owned by the state related to petroleum services and industries, will soon be working with state officials to be put on the stock exchange, allowing these companies to trade on the stock exchange, and all the procedures necessary in this regard. Also, we had another meeting with the head of the pharmaceutical authority. The Egyptian production of pharmaceuticals is very important, and we were discussing how this sector can be further developed and increased, as well as starting the production of new kinds of medicines, specifically biological grade medicines as well as oncology medicines. It is very important for the Egyptian government to start manufacturing the raw materials needed for these medicines. As you know, the raw materials are the most important part of the production process. There are many countries that have monopolized this, but we are hoping in Egypt we will now have a company specifically to produce the raw materials needed for medication. Also, regarding the Suez Canal Economic Zone, we have discussions and an agreement for a new project which will be logistic services and logistic transportation in the Southeast Canal. This is very important as we have foreign investment opportunities in this field. Another important thing is that several companies have expressed their interest in having logistical hubs and creating logistical hubs in the Southeast Canal Economic Zone. This is very important because we want this economic zone to become an international hub and a logistics hub. And thank God, we have great companies applying to do so here in Egypt. We were discussing this with the head of the Suez Canal Economic Zone and the relevant ministers to have the first logistics and services hub, which will be announced in the near future. Of course, I had a meeting with the Minister of Telecommunications to look at the developments in the sector, and we discussed several key topics regarding development for the next fiscal year, as well as projects set for 2030. We are seeing great development, and we are seeing new companies coming into this field over the next few years. Also, we were discussing a very important issue, which is that of digitalization of services. Something very important that is being done worldwide, and this is also part of the Ministry of Telecommunications and Ministry of Electricity. Having these databases is very important, and they need collaboration. Also, the development of renewable energy, and we are seeing how even these services are now being developed in many countries known as green services. Finally, the last two files I will discuss are taking up a great part of our agenda and daily agenda with our meetings. You have been following up on these meetings through videos and photographs, the meetings that I held with the Ministry of Finance, Ministry of Electricity, Ministry of Petroleum. Of course, you must know these meetings are very important. We have a main aim and objective of ensuring our energy needs, electricity needs specifically, during the summer period. This is a challenge. The first challenge is during the summer as a result of the heat and temperature rises. I hope you watched the United Nations Secretary General, who discussed that the world is going to witness in the next period El Niño, which will result in a great increase in heat and temperatures all around the world. So the expectations are that this summer is going to be exceptional with regards to high temperatures. This will result in greater consumption of energy and electricity specifically. This also coincides with increases in the prices of petroleum products. We are now looking at $97 per barrel, and gas prices are also going up. So we have a big bill to pay with regards to the state's needs of petroleum and gas. We are needing more quantities as well as facing an increase in prices. This is a double challenge that we are witnessing during this summer compared to previous summers. In light of this, all state institutions are working towards achieving and overcoming such a challenge. I will be meeting with the ministers of electricity, petroleum, central bank, etc. I actually had a meeting with the Minister of Electricity to discuss the supporting hub for the entrance of renewable energy resources for electricity. I had a specific meeting with the Minister of Electricity to discuss the projects in this regard because these projects are very important. Every time we manage to have new renewable energy sources, the more we will be able to save on our bill when it comes to natural gas, mazut, or electricity. The more we can rely on renewable energy and these projects, the more we will have saved, especially in light of the upcoming summer season. This is a very important file. The numbers compared to the last summer season, as a result of the challenges and the increase in prices, are great increases. In light of this, the government is doing its best to have a smooth summer season with no problems. In this regard, another file that we are monitoring and following up is the subsidies and how to change subsidies to financial subsidies and assistance. I had several meetings with the Minister of Social Solidarity to discuss the recent developments in this regard, to have everything that is being discussed very specifically in this very important trial. Of course, we all believe that there are things over the last years that have been mismanaged with regards to subsidization. A very important issue now we need to deal with is the issue of bread. We are seeing over 25% inaccuracy as a result of things that have been passed down from generation to generation. So what we are trying to do now is to move to a new system where the needy families or the people that actually need this assistance and social assistance receive it. We are not hoping to decrease the finances. On the contrary, we are hoping to actually get the money needed to the people that actually need this money. This is what is more important for us. So we are working towards this on a daily basis with the ministers in charge of this folder. In order to ensure in the nearest possible future, we will announce the developments after discussions with experts. We are hoping to move this next fiscal year to financial assistance, financial aid more than before, in order to have this money reach the people that actually need it and will benefit from it. As soon as we are done with the details, we will obviously have a meeting and a special press conference to discuss the developments in this area. There are lots of questions about what we are going to do and how we are going to deal with inflation. Of course, we know all this and we will be keeping all this in mind. The most important thing right now is to have our subsidies reaching the correct people, and the people that need it more will get more. So we are hoping to have certain grades, for example, so people with the least income will have the highest benefits from these subsidies, and we will have the different grades divided so that as a state we are able to contribute to them more effectively. It will be a gradual thing. Therefore, we will reach the most needy sectors in society who will get the highest percentage of subsidies and financial aid. I don't want to prolong because we need to take a few questions. Next week, we have many civilian visits, so there will be another opportunity for you to ask your questions. I will start with a few colleagues that have complained that they don't get a chance to ask questions. Miss Nasha, please.

Another question.

Yes, the Egyptian Central Bank is working on this issue with several countries, and these kinds of agreements and the increase of these agreements, but we are still negotiating with other countries, even with China, to have a bigger role in this agreement. It is very important to show that this also indicates how the Egyptian economy is being looked at and trusted. Thank God, even in light of the regional shocks and challenges as a result of the escalation in the region, stability still ensures in Egypt, and our financial stability and our foreign currency rates are all stable. So the whole world is aware of this and showing the stability and security in Egypt. Thank God, this shows in different sectors, including even the Egyptian remittances from abroad, also with regards to other sectors that have been influenced like the tourism sector or the Suez Canal Authority revenues or the higher export costs. But still, in light of all these challenges, we still have our currency and foreign direct investment still covering our needs even in light of the challenges today. And as you can see, if we are comparing our situation now, even in light of the challenges and the current war which is being seen as much worse than previous challenges that we have faced before on our financial stability, so thank God our development and our growth and our industrial output has not been affected. Thank God, only the external factors are challenges, and this has affected everyone, the whole world, not just Egypt, like electricity prices, etc. But otherwise, the Egyptian economy is growing at a very good and acceptable pace. And this shows that we are on the right track in this regard. And side by side, economists know that this also shows in the remittances by Egyptians abroad, which have not been influenced and still continue to grow. So thank God, this is very important, and this means that the world sees the Egyptian economy as stable and not in any form of danger, and shows that it is a stable economy encouraging more people to invest, and the Central Bank is working in this regard.

I've spoken about this before in my last tour when we were in Giza, but I will continue to repeat myself. The IMF delegation was here and they just left just before the break, and they will continue their revision with the Central Bank and Ministry of Finance. So far, things are positive. God willing, we will see the results of their visit after their seventh review very soon. And as I've said before, the current economic assistance reform program ends in December 2026. And as a government, as a state, we see we do not need another financial aid package in the near future.

Indeed, we are now studying this file very strongly. I want to tell you something very honestly. We care very much and we want to encourage the Egyptian citizen, specifically the industries and the industrial sector, to install renewable energy sources, the thermal panels. But we also cared and were very keen that these thermal panels are manufactured inside Egypt, because when I allow Egyptians to start installing these panels, if I'm bringing them from abroad, then I haven't really achieved much. I'm just increasing my import bill. However, now we have companies that have started producing these solar panels and solar units, which means they are available in Egyptian pounds. And this has encouraged us as the government to work clearly on this file with the Ministry of Electricity and Ministry of Industry to allow the production of these panels used by industries or even by homes and individual homes, allowing their electricity needs to be covered throughout the day using a switch where in the morning they can use the solar panels to benefit from the sun, and as soon as the sun goes down, the switch can turn them back to electricity consumption. This will save a lot of consumption and save on their energy, but this will not be on the grid. Another suggestion is to put this panel on the grid, on the electricity grid, which means that any extra production of energy can be given over to the electricity grid. This is another project being discussed, and we are taking a look at ways we can encourage citizens to enter this field, specifically the industrial sector, because their consumption of electricity is much greater than households and they need much more energy sources. So we are encouraging these industries to install renewable energy sources and panels. Today, European Union countries actually enforce companies and industries to use renewable energy sources. So this is a benefit that will also decrease the use of electricity, and this will also result in the production of green products, allowing for further exports.

I also had a meeting with the Minister of Education specifically related to Thanaweya Amma exams, and we discussed the importance of invigilation and monitoring. Specifically, when I visited a school compound in Giza, we saw the idea to decrease the number of students in classrooms. Just as you saw when we visited the school, this means that instead of having over 2,000 examination centers, I can have less, maybe a thousand. If I can have less, almost half, then this means we will keep in mind where the student lives, and if I can decrease the number of examination centers, this will be more controlled because there will be more invigilation on fewer centers, which is very important. This is what we are working towards achieving. What I want to say is, for us as a state, what I care about the most is having a logistic, organized, and secure examination process for our students and our children to take their exams in a relaxed environment, under no stress, and with full concentration. This is what I said regarding the new education system and the new Thanaweya Amma system or Baccalaureate system. We are working towards this to really alleviate the terror and fear when it comes to exams, which has a certain mentality that it is a one-off exam and if anything happens, his future or your child's future is destroyed. So the Baccalaureate new system will actually give children more than one chance to sit examinations and take exams, just like the international education opportunities that are provided to their students. I think with this new education system, we will reach the same thing.

The first part of your question related to the war and the challenges as a result of the closure of the Strait of Hormuz. This is not just affecting Egyptian exports but all the countries around the world, but we had alternative routes and alternative markets in order to deal with the challenges in this regard. Thank God, we have managed to export to even the Gulf countries that have been affected by this war. We have managed to find alternative routes to use to export Egyptian products, for example, Safaga and other areas, for example, with Saudi Arabia. So we have been working towards exporting even using roads, and we have managed to deal with this and get alternative routes for Egyptian exports specifically, even for any exports all around the world. Another thing related to the law that has been recently passed. The law is very important to keep in mind. We know the importance of these laws and we know the sensitivity of these laws, and we are discussing two different parties. The law is trying to bridge the gap between these two opposed parties. So of course, obviously, in any law, there has to be keeping in mind that if one side gets more benefits, obviously the other side will be resentful. So this is what we were trying to do as a result of the state and the experts that put this law together and work towards reaching the law and legislation, and they tried to include all the issues that concerned this legislation before giving it over to the parliament. When we were handing over the legislation to the parliament, we stressed two things: that the state is fully open to receive alterations or changes suggested and agreed upon by the parliament. All we want is the general good and general benefit. Also, another thing is not just the efforts of ministries but efforts of consultants and experts in this field. Also, we said very clearly, we are very willing and open to hear any changes. But more importantly, we also said that we suggest, and this was indeed in the letters that I sent to the head of the parliament, that we are hoping to have a joint committee between the state and the parliament to discuss and study this law together and rewrite it together with all its points, and consult with all the necessary parties including all the institutions, of course, as well as Al-Azhar. I am clarifying this very clearly: whatever the law that has been published is not finalized, and this will continue to be discussed. If the Minister of State for Information would like to add something, thank you very much.

Let me just tell you very clearly. We, as a state of this magnitude, this size, and this population, and the needs of the population and the need for housing units for this population, every year we have over half a million to 750,000 new marriages, which means this is the amount of housing units needed, at least 750,000 units every year. We have statistics that show that we have millions of housing units that are unoccupied or not lived in. The same thing with pieces of land in several cities, governorates, towns, and districts. For example, 25 years and this land is empty today. What needs to be done in order to encourage these units to either be sold or lived in? What measures do we have as a state to encourage owners of these units to use these units, open these units so other people can live either by renting or buying these units instead of just leaving them empty for tens of years? Also, as a state, we are asked to build housing units and provide housing units for all these families every day. This is what we are working towards and studying all the different roles and ideas taken upon by other states. What I care about the most as a state, as the head of the government, is how can I use these units? Every time we count the units and land pieces, you as members of the press say that there are thousands of units that are closed. So what is the state going to do about this? This is what we are talking about today. We are seeing the real number of housing units that are empty, not lived in, and how can we organize them and encourage the owners of these units to open up these homes, use them either through renting or selling them, which will also save for me as a state the need to build all these housing units to cater for the new families that are being formed every year. This is what we are working towards in this period of time. My last question, please.

We cannot take these units. These are privately owned units. We cannot take these units as a state. We can incentivize the owners of these units, subsidize them, incentivize them to encourage them to please open these units, sell them or rent them. And there are positive and negative incentives. Both must be put. How can I encourage him and at the same time tell him why aren't you opening them? There must be pros and cons. There must be procedures. So we have to have positive and negative incentives. And this is what we are saying. Last question, please.

This issue is very important, and I have given directives to the head of the insurance institution. They will have a program very clearly developed in order to deal with this issue after my meeting with him yesterday. Specifically, the issue is very important because the system that was put in place had several loopholes and was a very old electronic system. This was very old. The system was very old, and it was going to be cancelled. Even the whole old system was going to be cancelled by next year. So we had no other option but to implement a new system, and this is what happened indeed. We are dealing with several files or databases. How are we going to deal with this? Over six billion databases. How are we going to move these databases from the old digital system to the new system? At the same time, a new group of pensioners will be added and also want to receive their pensions. What happened is that there was some delay regarding the moving of these systems, and this was clearly announced, and solutions to this were also discussed. All we had was just a few more 45,000 files left from all the millions of files that were processed. We have over 11 million pensioners. 45,000 files will be finished in the next two weeks or so. Otherwise, what I am telling you very normally, when systems are changed or a move of databases is changed, either you stop totally to allow this, and we cannot do this option, or you cannot really do this, or you can have a period to work in this regard. So this is what is happening now. He confirmed that by August we will have stability in this pension system in the next two months or so. This is very important. I asked him very clearly to come out and discuss it in great detail with all the citizens because this is a very important file that had great discussion over the last period of time, and I was following up very often over the telephone and weekly in our meetings. But yesterday we had a meeting to discuss the issue. He was saying there were still a few issues to iron out and problems, and I told him that he needs to come out and inform the citizens exactly how far they have come, the challenges that they faced, and how far they have come with this new system. We had no alternative but to have a new system in place that will be hopefully stabilized in the next few weeks. I'd like to thank you all very much, and God willing, we will be together next week. We have three very important days and visits, and hopefully we will work together and have more time together. Thank you very much. Thank you so much.