Garhy reviews reform results with U.S. investors

CAIRO – 14 October 2017: Finance Minister Amr el-Garhy discussed with a number of American and Egyptian investors the outlook for Egypt’s economy and the impact of the economic reform program on the different sectors, adding that the program has a clear vision to revive the economy.

This came during the minister’s meeting with the investors in Washington, on the sidelines of the annual meetings of the World Bank, according to a statement from the Finance Ministry Saturday.

Garhy said that the government is committed to the reform process to achieve high growth rates and sustainable development, saying that Egypt still faces many challenges that need to be addressed to improve the economy.

He said that a big part of the burden, resulting from the reform program and floating of the Egyptian pound, is now gone and that the market has become more stable, with the availability of commodities and foreign currency.

Garhy further said that the government is aware of the difficult impacts of the implementation of the program, especially for the poor segments.
“That’s why we announced a bundle of social protection measures that target the poor,” Garhy said.

Also during the meeting, Deputy Minister of Finance Mohamed Maait reviewed the main features of the new health care law which awaits discussion in the parliament.
He also reviewed efforts that support the transition to non-cash economic system through activating the e-payment system.

Meanwhile, the investors praised the government’s persistence in applying the economic reforms. They also lauded the Finance Minister’s efforts to eradicate bureaucracy.