The Information and Decision Support Center (IDSC) of the Egyptian Council of Ministers has unveiled a research project outlining the key economic directions for Egypt from 2024 to 2030.

The initiative, titled "The Document on the Most Important Strategic Directions of the Egyptian Economy for the New Presidential Period (2024-2030)," charts economic and social policies for the specified period.

E-Pound

As per the study, Egypt has set its sights on introducing a digital currency, the E-Pound, issued by the Central Bank of Egypt, with a target launch by 2030.

The primary objectives include bolstering the competitiveness of the national currency and enhancing the efficiency of monetary policy.

Egypt has been leveraging digital transformation opportunities to further develop the Egyptian financial sector and elevate levels of monetary policy efficiency.

The document outlines Egypt's commitment to ongoing development in the financial sector and the utilisation of digital transformation to achieve 100 percent financial inclusion by 2030.

This encompasses financial services and digital payment systems, with the plan looking to increase the number of digital financial wallets to approximately 80 million by the target year.

Budget Unity

Additionally, Egypt aspires to implement budget unity and comprehensiveness, steering towards digital transformation by adopting programs and performance budgeting.

The objective is to amplify the effectiveness of government spending and institute reforms in economic bodies to ensure robust governance.

Abdel Moneim al-Sayed, Director of the Cairo Center for Economic and Strategic Studies, emphasised the significance of the digital pound.

He clarified that it would serve as the electronic counterpart to the traditional paper pound, to be transacted through the electronic payment system.

This move aligns with the broader national goal of digital transformation and reducing reliance on paper cash transactions.

Dr. Mostafa Madbouly, the Egpytian Prime Minister, said:

"[This] comprehensive research project has been prepared outlining a set of economic directions for the upcoming period, taking into account the variables of global conditions and sustainable development trends. The government considers involving experts and specialists in shaping public policies a vital necessity to harness the maximum benefit from the available national minds and expertise in all sectors and specialisations."