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The unemployment rate in Egypt has declined to 7.1 percent in the first quarter of this year, according to the Central Agency for Public Mobilisation and Statistics‘ data on Thursday. The rate had previously reached 7.2 percent in 2022.
The Egyptian pound is undervalued; the increase in investments will solve currency woes and bring the pound back to its real value, said Moustafa Madbouly, the Egyptian Prime Minister.
Egypt will be closing multiple deals soon, which will allow the government to bridge the dollar gap, with planned investments for FY 2023–2024 reaching 1.64 trillion pounds, Madbouly added.
