Cabinet: Int'l institutions send reassuring signals about Egypt's economy

CAIRO - 19 April 2022: The Cabinet Media Center has said the Egyptian state managed to gain the trust of international institutions in Egypt's economy and its ability to face different challenges imposed by the Russian-Ukrainian crisis through the continuation of the economic reform program, a matter that prompted the institutions to send reassuring signals about the country's economy.

 

In a report issued on Tuesday, the center hailed the recent measures adopted by the state to mitigate the economic problems the citizens are facing, a matter that caused international institutions to maintain their optimistic forecast about Egypt's economy.

 

The report said the Egyptian state took important measures to increase wages and pensions, adding that some important sectors such as gas and the Suez Canal contributed to the increase of growth.

 

The report cited the World Bank statement which affirmed that the world is facing unprecedented economic challenges as a result of COVID-19 pandemic and the Russian-Ukrainian crisis as the inflation rates world-wide increased while the prices of energy skyrocketed.

 

Egypt undertook exchange rate, monetary and fiscal measures in response to adverse global developments (including soaring prices and tightening financial conditions), aggravated by the war in Ukraine. Yet, these policy actions also reflect underlying structural challenges, said the World Bank.

 

The recent surge in economic activity has set Egypt on track to achieve growth of 5.5% in FY2021/22, it added.