The international media paid due attention to the international press conference of Prime Minister Dr. Mostafa Madbouly to present the Egyptian government’s plan to deal with the economic crisis, which was held on May15, 2022 at the headquarters of the General Authority for Investment and Free Zones, in an implementation of the directives of President Abd El-Fattah El-Sisi. The conference was attended by Dr. Ali Al-Moselhi, Minister of Supply and Internal Trade, Dr. Hala Al-Saeed, Minister of Planning and Economic Development, Dr. Rania Al-Mashat, Minister of International Cooperation, Mr. Al-Sayed Al-Qaseer, Minister of Agriculture and Land Reclamation, and Mrs. Nevin Gamea, Minister of Trade and Industry, Mr. Ahmed Kjok, Deputy Minister of Finance for Financial Policies, and Counselor Muhammad Abd El- Wahab, CEO of the General Authority for Investment and Free Zones. It was also attended by Mr. Karram Gabr, Chairman of the Supreme Council for Media Regulation, Mr. Hussein Zein, chairman of the National Media Authority, and Eng. Abd El-Sadiq Al-Shorbagy, Chairman of the National Press Authority.

The conference was also attended by journalist Diaa Rashwan, Chairman of the State Information Service and the Syndicate of Journalists, who participated in organizing the dialogue with Egyptian journalists, media professionals and foreign media correspondents.

According to a report prepared by the State Information Service, the international media highlighted a quote by Dr. Madbouly, stating that the conference comes at a very appropriate time, to clarify the Egyptian government's plan to deal with the major global economic crisis. He noted that the  conference comes within the framework of implementing the directives of President Abd El-Fattah El-Sisi, President of the Republic, at the Egyptian family Iftar during the month of Ramadan, to hold this conference in order to announce a clear plan to deal with the global economic crisis, the measures we are currently taking, and the steps that the government intends to take during the coming period. He gave directives to put into consideration the current indicators, as well as what a possible scenario presented; that the crisis may last for a longer period than was expected.

Journalist Diaa Rashwan,  Chairman of the State Information Service, stated that, complying with the presidential directives, SIS has invited  a large number of foreign media correspondents accredited in Egypt, including the correspondents of: Agence France-Presse (AFP),  Reuters , Bloomberg,  Associated Press,  Agenzia Nova,  Sputnik News,  European Pressphoto Agency, Prensa Latina, Maghreb Arab Press,  Alhadath News Agency, Alhurra, BBC, Russia Today (RT), CCTV NEWS, TV Asahi, Phoenix TV,  Sky News Arabia, Al Arabiya Channel,  CNBC Arabic, Alghad TV, Kuwait TV, Al Bayan News, Asahi Japanese newspaper,  and Media Services Center.

SIS monitored media reactions to the conference through what was broadcast and published by the international media. On the whole, the reviews were positive. Immediately after the conference, SIS monitored about 66 reports and pieces of news in about 10 international languages; i.e. Arabic, English, French, Russian,  Turkish,  Persian,  Hebrew,  Chinese, Hindi, Korean, Urdu. The reviews are published in more than (30) countries, including the United States of America,  Canada, France,  Russia, Britain, Saudi Arabia, United Arab Emirates,  Kuwait, Bahrain, Qatar, Libya, Jordan, Sudan, Turkey, Iran, Israel, China, India, Pakistan, South Korea, and  various other international news sites.

Rashwan said that the conference had received a wide international press coverage in a broad geographical context throughout the world’s continents, in America, Asia, Europe and Africa. The media also used a variety of press and media forms to address the event, including pieces of news within regular news bulletins, television reports, press reports and others.

The international media highlighted the following points, stated by Dr. Madbouly during the conference:

- The current economic crisis is the worst crisis that the entire world has experienced since the 1920s, not a short period. The world has not witnessed a similar crisis since that time. The losses of the current crisis worldwide are estimated at nearly US12 trillion in gross world product (GWP).

- The Prime Minister indicated that all indicators began to reduce economic growth expectations worldwide, after the optimism that had spread among the economic circles after the end of the Corona crisis. The expectations began to reduce growth rates again, as the expected rate became 3.6% for global growth, after it was 4.4 %.

- The Prime Minister clarified that the volume of public debt at the world level had exacerbated due to the current crisis, pointing to its increase worldwide by 351%, until the volume of indebtedness on governments worldwide has reached US 303 trillion.

- The Prime Minister explained that the global inflation volume had reached 9%, and that in a number of developed countries that used to enjoy a stable economy and in which inflation rate did not reach 1% or 2%, inflation rate reached 9%. He indicated that Egypt is in the category between 6 to 10%, while inflation rates exceeded 25%, and even reached 50% and 60% in other countries.

- The Prime Minister confirmed that Egypt was importing 42% of our grain needs from the two countries, Russia and Ukraine, and that 31% of the number of tourists coming to Egypt was from these two countries. Thus, this would cause great repercussions. However, we moved immediately and started providing alternative markets for wheat , as well as alternative markets for tourism. We did not give in to the repercussions imposed by the crisis, and we sought to compensate for the repercussions that occurred.

- Dr. Madbouly confirmed that the government would work to implement the mandate of President Abd El- Fattah El-Sisi. Thus, it will work according to a plan that includes strengthening the role of the national private sector in economic activity, supporting and localizing the national industry to rely on the local product, and announcing a program for the participation of the private sector in state-owned assets with a target of  US 10 billions annually, for a period of 4 years, with a total of US40 billion. In addition to that, a clear plan will be announced to reduce public debt and the budget deficit during the next 4 years. Besides, an integrated vision for the advancement of the Egyptian Stock Exchange will be presented, in order to allow Egyptian Stock Exchange to play a major role in the Egyptian economy. Finally, a due attention will be paid for the social dimension and how to continue to protect the low-income citizens.

At the conclusion of his statement, Rashwan indicated that: in accordance with the presidential directives, and to build on the positive results of this conference, SIS would move forward to organize international press meetings for foreign correspondents with ministers, and officials responsible for economic affairs and other aspects of comprehensive development, societal issues and climate topic, as well as following up the positive political measures recently proposed by the president.