Egypt one of few countries with real growth rate in 2020: Min.

CAIRO – 19 August 2020: Egypt is one of the very limited countries in the world that was able to achieve a real growth rate during 2020 in light of the repercussions of the coronavirus pandemic according to preliminary estimates, Minister of Planning Hala el-Saeed said Tuesday.

Saeed added during President Abdel Fatah al-Sisi meeting with the Ministerial Economic Group that the growth rate in Egypt is the highest in most emerging countries, which reflects the success of the Egyptian government in dealing with the repercussions of the coronavirus pandemic in a balanced and sound manner.

The meeting was attended by the Prime Minister, Mostafa Madbouli, Governor of central bank of Egypt (CBE), Tarek Amer, and a number of ministers.

She indicated that the growth rate in government investments implemented during the fiscal year 2019/2020 reached 26 percent, especially in the housing, transportation, education and health sectors, as well as the stability of the inflation rate during that period.

The government investments went up by 23 percent during the period from July 2019 to March 2020, totaling LE 113 billion, according to a report published by the Ministry of Planning to give analysis on the development of some indices related to the economic and social performance during the third quarter of the current fiscal year 2019/2020.

“In addition, net foreign reserves continued to rise for the third month in a row, reaching $ 38.3 billion in July 2020,” she stated.

The minister also stated that there was an increase in exports of non-oil goods during the third quarter of 2019/2020 by 5.4 percent, to achieve its largest outcome in more than 10 years, which had a role in reducing the trade deficit by about 11 percent.

Previously, Saeed said the Egyptian economy is solid and managed to face the pandemic crisis thanks to the economic reform program that has been adopted, noting that Egypt achieved high growth rates at the international level. 

Planning minister: Performance of Egyptian economy one of the best amid virus crisis

CAIRO - 4 June 2020: Planning Minister Hala el Saeed said Thursday that her ministry is keen to give out information about the current economic situation and indices as well as to provide economic analysis amid the current global crisis of the novel coronavirus outbreak.