Strategies for Utilizing Foreign Investments to Eliminate Power Cuts: Insights from Counselor Muhammad Al-Homsani

2024-04-15 23:05:58

Mohammed Shaban

Published on: Tuesday, April 16, 2024 – 1:05 AM | Last updated: Tuesday, April 16, 2024 – 1:05 AM

Counselor Muhammad Al-Homsani, spokesman for the Presidency of the Council of Ministers, responded to the question: “When will we stop reducing loads and exploiting the many dollar flows coming from the Ras Al-Hikma deal, the IMF, the European Union, and foreign investments in debt instruments?” In order to stop the power cuts? ‏

He said during his statements on the “Last Word” program with the journalist Lamees Al-Hadidi, broadcast on the “ON E” screen on Monday evening, that all previous deals have already been completed. However, the system for obtaining financing from these parties is carried out in stages, pointing out that the state is in the process of receiving the second batch of the Ras al-Hikma deal early next May. ‏

He added that the inflows from the International Monetary Fund, the European Union, and international partners will arrive in the form of successive installments and at distant intervals, explaining that Egypt has so far received only $15 billion, which is the first part of the Ras al-Hikma deal, while the rest of the money will be obtained from International partners in the coming period. ‏

He pointed out that the state also benefited from other cash flows through foreign investments and increased remittances from Egyptians abroad, stressing that it was used to control the exchange rate as well as controlling commodity prices in the markets. By releasing billions of dollars worth of food, feed, and medicine from customs. ‏

He stressed that the state seeks to rationalize spending so that priorities, such as medicines and food, are not affected, saying: “Exploiting foreign resources to completely eliminate load-reducing means, consequently, that the state’s spending on other services and basic goods important to the citizen, such as medicines or food, will be affected. It is possible to deal with and overcome the current stage of load shedding for two hours. But of course, we cannot give up medicine and food.” ‏

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