Reforms enabled Egyptian economy to overcome coronavirus, crises: PM

CAIRO – 3 June 2022: Egyptian Prime Minister Mostafa Madbouli stressed that the economic reforms the state has made over the past years have enabled the Egyptian economy to overcome the crises it faced.

Madbouli made the remarks during a speech at the annual meetings of the Islamic Development Bank (IsDB) Group in Sharm El-Sheikh.

The meetings are held under the theme of: “Beyond Recovery: Resilience and Sustainability.” They come under the umbrella of “The 47th Annual Meeting of the Board of Governors of the Islamic Development Bank”

Madbouli said Egypt has concluded a reform program just before the COVID-19 pandemic. This enabled the country’s economy to survive, he said.

Egypt has motivated the private sector based on governmental investments through implementing a number of national projects, Madbouli said.

He added that the government has provided various incentives through legislative reforms and developmental initiatives as well as launching a number of inclusive and structural economic reforms.

Madbouli said the consequences of the Russia-Ukraine war have affected the developmental needs of all countries.

This includes the member states of the IsDB Group that aim at reaching sustainable and inclusive economic, social and environmental development, Madbouli said.

Madbouli warned against the consequences of climate change in thwarting development efforts especially after the COVID-19 pandemic, urging increasing the flow of the sustainable economic growth.

These challenges that the world is facing have negative consequences that affect the main economic sectors including agriculture, water resources, energy, infrastructure, trade as well as public health, food security, education and job opportunities.

He also warned in this regard from the environmental challenges linked to the climate change as very dangerous.

The premier urged the IsDB to continue its efforts to provide funds required by the member states to face the current economic, social and environmental challenges.

Madbouli asserted that the Egyptian state has exerted great efforts in the past few years to reach inclusive and sustainable development.

MENA contributed to the reporting.