Economic reform program placed Egypt among fastest-growing economies: Maait to parliament

CAIRO – 1 February 2021: The economic reform carried out by Egypt has placed it among the fastest-growing economies in the world at the present time, according to Minister of Finance Mohamed Maait.

This came during the plenary session held, on Monday, to listen to the cabinet ministers of Prime Minister Mostafa Madbouly, regarding each ministry’s implementation of the government program (from 2018-2020).

Maait added that the strong political will and courage with the support of the great Egyptian people contributed to achieving this growth with economic reforms.

He pointed out that, since 2014, the political leadership and successive governments have taken responsibility for Egypt's exit from the difficult economic situation to reach safety.

"had it not been for the economic reforms, the consequences of the Coronavirus crisis would have been more difficult for citizens, given that the Egyptian economy has dealt with previous crises and successfully overcome them, which is what is currently happening with the economy,” he added.

Maait pointed out that from 2014 to 2020 represents years of construction in the history of modern Egypt, which is successful foundations that achieve the necessary reforms, thus contributing to achieving economic and financial stability.

He noted that the legislations issued in the previous council contributed to achieving the economic stability that Egypt is currently going through, pointing out that the economic, legislative and administrative reforms were a wall against economic instability.

He added that the Ministry of Finance has actively sought to achieve the capacity for financial discipline of the state, explaining that the ministry has implemented economic projects that contribute to achieving the financial stability of the state, while rationalizing government spending, maximizing imports, mechanizing taxes and other financial measures.

The Minister of Finance affirmed that the economic reform witnessed by the country during the previous stage contributed to the acceleration of growth rates and the positive rise in rates, especially with the Coronavirus crisis.

"The efforts of the whole country and the courageous political will have combined to draw up and follow up the financial policy in a way that achieves the state's economic goals, which led to improved economic indicators, prevented any deterioration in economic conditions, and a gradual improvement in the living conditions of citizens,” he said.

"We notice the improvement of macro-financial indicators, as attested by international institutions, and that economic growth is progressive, and there is a reduction in unemployment, inflation and poverty rates,” Maait continued.

The Minister of Finance pointed out that the economic reform contributed to raising growth rates, increasing employment opportunities, fiscal discipline of the state and the occurrence of an initial surplus of 2 percent annually, because it aimed to control debt rates, tighten control over public funds, monitor cash flows and follow up revenues.