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00:00 The increase of 107 billion dollars is the foreign currency that has been imported to Egypt during the current financial year, according to the International Monetary Fund.
00:10 This increase is about 15% compared to the previous year's inflows, thanks to the direct jump in foreign investments, which was boosted by the "Head of Wisdom" deal worth 35 billion dollars.
00:24 Despite the decline in some other sources' agreements, such as the desire for tourism to 12 billion dollars and the return of the Suez Canal to us worth 7 billion dollars,
00:33 which is affected by geopolitical tensions in the region.
00:36 "Political geopolitical risks generate financial risks, and this is what Egypt has been exposed to during the past period.
00:43 We are in the light of what we call risk management, we try to deal with things as much as possible.
00:49 Let us also be clear that in order to be able to make a real investment in foreign direct investment,
00:56 which is not direct, of course, which comes to the Egyptian lands, there must be a reconstruction of the Egyptian economy,
01:02 and this is what we are continuing to do in the current situation, so that I can invest with the efficiency of the inflows that came,
01:08 because these are opportunities that may not be used in the coming periods."
01:12 But despite the decision to release the exchange rate and the commitment of the Egyptian government to pass the currency rate,
01:17 and to improve some sources such as the transfers of Egyptians working abroad, as well as the recovery of tourism and the Suez Canal,
01:23 the fund expected a re-decline in the payments for the coming financial year, to less than its level in the previous year,
01:30 to record 91 billion dollars, under recommendations to follow a sound economic policy and to prepare the economic environment
01:38 to ensure the attraction of more foreign direct investments.
01:41 "You must have flexibility. Where does this flexibility come from?
01:44 It comes from lowering your foreign commitments and raising your income from the hard currency.
01:51 Here you have a kind of vacancy and a relaxation area between the two, and it creates a balance that you can face any crisis.
02:01 But we will not insist that there are no crises. This is not a good plan.
02:04 We must be prepared to face all crises, and this is how we can reduce our commitments,
02:11 reduce our debts, and increase our income by attracting investments, by encouraging investment, by encouraging private sector."
02:21 The International Monetary Fund expects the growth of the Egyptian economy by 3% for the coming financial year,
02:27 to rise to 4.4% for the coming financial year.
02:32 The biggest investment deal in the history of Egypt has come to strengthen foreign agreements for the coming financial year,
02:38 before the decline of the coming financial year, despite the softness of the exchange rate and the easing of some of the sources of foreign pressure.
02:45 Under recommendations to improve the working environment and attract more foreign investments to guarantee the increase of dollar resources.
02:52 Farouk Youssef, CNBC Arabia, Cairo.