Finance minister: Egyptian economy beats expectations despite Covid-19

CAIRO - 10 December 2020: Finance Minister Mohamed Maait stressed the performance of Egyptian economy has exceeded all expectations despite Covid-19 crisis in 2020, as certified by international finance institutions, topped by the International Monetary Fund and the World Bank.

That reflects the importance of economic reforms, which were made by President Abdel Fattah el Sisi and supported by the Egyptian people, Maait said.


Such reforms have contributed to stabilizing financial and monetary policies, he added.


The director of the IMF hailed economic reforms in Egypt, describing the country as a shining star worldwide in economic reform field. 


The Egyptian official said in a statement on Thursday that the ministry prepared "Challenge and Achievement" report about the economic performance during 2020 for the second year in a row.


The report came at the end of the budget for the fiscal year 2019/2020 on June, 2020 and reflected positive indications despite coronavirus crisis and the start of the current fiscal year 2020/2021 on July, 2020, Maait noted.


He said international institutions are praising the performance of the Egyptian economy, which, he added, taps wide-scale horizons to attract foreign investment in Egypt.