This helped sustain improvement of economic indexes and enabled the, now-resilient, national economy to face challenges, as well as internal and external shocks, the report said.
The IDSC report focused on the outcome of seven years of reform, highlighting an International Monetary Fund (IMF) positive forecast for economic growth in Egypt, which it expected to reach 5.2 percent, thanks to reforms that have been applied since 2016.
In 2014, the IMF had expected slow economic growth in Egypt - estimated at 2.2 percent back then.
Indeed, successful economic reforms have helped open new channels of spending in the fields of health, education and social protection, the report said quoting the IMF.
Debts are now taking a downturn, the IMF pointed in its most recent release, which is different from a 2014 report that had underscored a troubled economic and social environment due to a drop in tourism revenues, repeated electricity outages, increase in poverty and unemployment rates and an upward public debt, the IDSC said.
The IDSC also touched upon an updated IMF rating of some economic indicators, atop of which the ratio of total deficit to the gross domestic product (GDP), which it expected to reach 7 percent in 2021-2022 down from 12 percent in 2013-2014.
Another indicator is the ratio of the primary surplus to the GDP, which the IMF expected to reach 1.5 percent in 2021-2022 compared with 3.9 percent in 2013-2014.
The IMF expects revenues from the Suez Canal to hit 6.6 billion dollars in 2021-2022 up from 5.3 billion dollars in 2013-2014.
It also expects the ratio of the balance of trade deficit to the GDP to reach 8.3 percent in 2021-2022 down from 11.2 percent in 2013-2014.
The IDSC report also pointed to a revised Egypt rating by the World Bank, which expected economic growth to revive and hit 5 percent in 2021-2022, outperforming an average global growth rate of 4.3 percent.
In 2014, the World Bank had a slow forecast for Egyptian economic growth, which it put at 2.4 percent back then, the IDSC reminded.
The IDSC report also underlined a thumbs up given by the World Bank to economic reforms implemented in Egypt over the past years, believing it greatly contributed to maintaining the stability of the Egyptian economy in the face of the coronavirus pandemic.