Cairo – October 24, 2024: During the 2024 International Monetary Fund (IMF) and World Bank Annual Meetings in Washington, Minister of Planning, Economic Development, and International Cooperation, Rania Al Mashat, met with leaders from Jefferies Financial Group, JPMorgan, along with 75 global investors to present Egypt’s economic reforms.
Alongside Minister of Finance Ahmed Kouchouk, Al-Mashat highlighted key reforms aimed at stabilizing the economy, improving the business environment, and promoting private sector involvement.
Al Mashat presented the country’s recent economic and structural reforms, emphasizing the government's efforts to strengthen macroeconomic stability, enhance the business environment, and build a competitive, investment-friendly economy.
Despite global and regional challenges, such as geopolitical tensions and their impact on the Suez Canal, Egypt achieved a 2.4 percent GDP growth rate in the last fiscal year.
Al Mashat highlighted that, while these challenges have affected Egypt’s economic activity, the country's outlook remains positive, supported by international financial institutions and development partners.
Key initiatives include tax reforms, the issuance of new bond trading regulations to improve market transparency, and setting annual debt limits for public entities, all of which aim to promote sustainable growth, reduce the state’s role in economic activities, and pave the way for increased private sector participation.
The minister emphasized the importance of renewable energy and electricity sector reforms, which have significantly increased foreign investments in these vital areas.
She also discussed the State Ownership Policy Document, which outlines the state’s role in economic sectors, promoting competitive neutrality and improving the efficiency of state-owned enterprises.
Collaboration with the World Bank on this front includes technical assistance to draft legislation to regulate state ownership in public companies, ensuring efficient governance and targeted investment in public infrastructure, explained the ministry’s statement.
She stressed that the government is determined to continue its path of economic and structural reform to maintain these positive developments, reduce state involvement in economic activities, and create more opportunities for the private sector.
Additionally, Al Mashat highlighted the government's efforts to enhance investment governance and control inflation.
Egypt is currently implementing two key programs with the IMF - one focused on public investment management and the other on public investment management from a climate perspective. These programs aim to improve the efficiency and effectiveness of public investments, using evidence-based approaches to address development gaps in priority sectors.
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