President Abdel Fattah Al-Sisi announced Friday during Egypt's Economic Development Conference (EEDC) held in Sharm El Sheikh that the country has formulated a sustainable development strategy until 2030 to to build a civilized society. The president said that the private sector and civil society have helped in developing this strategy to ensure the implementation of policies, programs, and initiatives and to achieve economic goals. Al-Sisi explained that the government is working to restore fiscal balance to reduce the budget deficit by achieving the principles of justice in taxes among all segments of society. He added that the government is also working on applying fiscal policy that maintains prices in parallel with the reduction of the rate of inflation by reducing subsidy to the energy sector and along with the rising prices of commodities globally. Furthermore, he stressed on the government's aim to achieve macroeconomic stability to ensure the stability of the business sector. The president confirmed that the growth rates achieved a marked improvement in the first quarter of the current fiscal year. He added that the government seeks to provide a stable and sustainable investment climate, taking into account the development and economic goals. Al-Sisi referred to one of these goals, which is creating a ground-base that provides room for the expansion of population, agricultural, and urbanization at the Red Sea coast that provides Ports for exportation. Moreover, he clarified that the private sector is involved in the first phase of the Suez Canal and the second phase, which is based on the Channel development and investment in long-term giant projects to strengthen Egypt's strategic location as a central point between Europe, Asia, and Africa.
