FILE - Former Minister of Finance Amr El-Garhy
CAIRO - 14 June 2018: Finance Minister in the outgoing government Amr el Garhy reviewed some positive outcomes of the ongoing economic reform program announced by the government in 2016.
The program which continues until 2019 contributed to attaining economic stability and regaining the confidence of international organizations in Egypt's economy, in addition to generating great financial savings by cutting fuel and electricity subsidy, Garhy said in a statement released late on Wednesday.
Also, it helped the country to reach a staff-level agreement with the IMF to obtain a USD 12 billion loan for three years, the minister added.
Garhy cited the strong backing that Egypt received from the G7 countries on the government reform program.
The program's positive results encouraged the finance ministry to issue international bonds of USD 7 billion in January and May 2017, the minister added.
The finance ministry floated international bonds worth USD 4 billion in February 2018, in addition to offering bonds of USD 2 billion in April 2018, he noted.
The reforms played a great role in generating large financial revenues to be used in social protection programs and public investments, he stressed.
They also contributed to improving economic growth rates, which are expected to rise rapidly over the upcoming ten years, as well as enhancing the performance of the state budget’s financial indicators in an unprecedented manner, the minister noted.