Egypt Earmarks $320 Million for Tourism Sector

Tourists enjoy a meal made by Saqqara residents to improve their living conditions in their village, in Giza, Egypt, on April 27, 2021. REUTERS/Shokry Hussein
Tourists enjoy a meal made by Saqqara residents to improve their living conditions in their village, in Giza, Egypt, on April 27, 2021. REUTERS/Shokry Hussein
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Egypt Earmarks $320 Million for Tourism Sector

Tourists enjoy a meal made by Saqqara residents to improve their living conditions in their village, in Giza, Egypt, on April 27, 2021. REUTERS/Shokry Hussein
Tourists enjoy a meal made by Saqqara residents to improve their living conditions in their village, in Giza, Egypt, on April 27, 2021. REUTERS/Shokry Hussein

The Egyptian government has included tourism within an initiative aimed at supporting the country’s productive sectors, along with industry and agriculture.

On Wednesday, Egyptian Prime Minister Mostafa Madbouly said that the government has allocated 10 billion Egyptian pounds ($320 million) to support the tourism sector within the government’s initiative, bringing the total financing for the targeted productive sectors to 160 billion Egyptian pounds ($5.17 billion) during the fiscal year 2023-2024, which starts in July.

Egypt aims to increase the revenues of its tourism sector from the current average of $11 billion annually, to $30 billion annually over the next three years, according to previous statements by Madbouly.

During a meeting with Finance Minister Mohammed Maait, the prime minister emphasized the government’s commitment to achieving the new budget targets, especially in reaching an initial surplus of GDP and reducing the budget deficit in line with the planned ratios, while expanding the social safety net and addressing the effects of economic challenges.

For his part, Maait explained that the new budget aims to achieve an initial surplus of 2.5% of GDP, with a total deficit rate of around 6.37%. He also noted that the next budget will witness an increase in allocations for support and social protection from 358.4 billion Egyptian pounds to 529.7 billion Egyptian pounds, in implementation of the directives of President Abdel Fattah El-Sisi, in order to mitigate the effects of the global inflation wave on citizens.

The minister added that an agreement was reached to allocate 45 billion Egyptian pounds to purchase local wheat from farmers in this year’s season, starting from April 1 to mid-August, an increase of more than 19 billion Egyptian pounds compared to last year. He stressed that financial resources will be provided to farmers upon delivery, in implementation of Sisi’s directives.



Trump Says he 'Couldn't Care Less' if Car Makers Hike Prices Due to Tariffs

President Donald Trump waves to supporters from his limousine as he arrives at Trump International Golf Club, Saturday, March 29, 2025, in West Palm Beach, Fla. (AP Photo/Manuel Balce Ceneta)
President Donald Trump waves to supporters from his limousine as he arrives at Trump International Golf Club, Saturday, March 29, 2025, in West Palm Beach, Fla. (AP Photo/Manuel Balce Ceneta)
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Trump Says he 'Couldn't Care Less' if Car Makers Hike Prices Due to Tariffs

President Donald Trump waves to supporters from his limousine as he arrives at Trump International Golf Club, Saturday, March 29, 2025, in West Palm Beach, Fla. (AP Photo/Manuel Balce Ceneta)
President Donald Trump waves to supporters from his limousine as he arrives at Trump International Golf Club, Saturday, March 29, 2025, in West Palm Beach, Fla. (AP Photo/Manuel Balce Ceneta)

US President Donald Trump said on Saturday he did not warn car industry executives against raising prices as tariffs on foreign-made autos come into force, telling NBC News he "couldn't care less" if they do.

The White House has been preparing to impose new tariffs on a range of consumer goods on April 2, a move that has drawn criticism from international leaders and concerns about potential price increases for consumers.

In the NBC News interview, Trump said his permanent tariffs on foreign-made automobiles would be a boost to US-domiciled factories and was confident the move would lead to increased sales of American-made cars. "I hope they raise their prices, because if they do, people are gonna buy American-made cars," Reuters quoted Trump as saying.

Trump maintained that he would only consider negotiating on the tariffs "if people are willing to give us something of great value."

The tariffs are part of Trump's efforts to promote American manufacturing and reduce the country's trade deficit.

Trump's trade policies have been a key focus of his presidency, with ongoing tensions with major trading partners.