Economic Reforms
New data is expected to reveal the effects of economic reforms on household spending following two years of currency devaluation and rising prices.
According to Fitch, the exchange rate float on March 6, 2024, alongside substantial financing totaling $57 billion, bolstered forecasts for the sector
The economic and financial reform gave Egypt further impetus to deal with the Covid-19, added the minister.
This has been made thanks to Egypt’s economic reform program that was launched in 2016 to improve macroeconomic indicators, as well as to achieve comprehensive and sustainable growth, Mashat added.
The Ministry published infographics which included the results of the indicators of the Egyptian economy exceeded international expectations.
The economic growth rate during 2020/2021 amounted to 3.3 percent of the gross domestic product (GDP), and the total deficit decreased to 7.4 percent of GDP, and a primary surplus of 1.46 percent was achieved.
The success of economic reforms contributed to mitigating the effects of the Corona pandemic: Says Hala El-Said
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.
"Egypt was a bright spot. FDI inflows rose 11 percent to $9 billion in response to economic reforms that improved macroeconomic stability and bolstered investor confidence."
The Egyptian economy is solid and managed to withstand the impact of the coronavirus crisis, she noted.
“We entered this crisis with fiscal buffers as well as foreign reserve buffers, which helped weather the first shock,” Rania al Mashat said.
This comes as a recognition of Sisi's role in leading Egypt during a hard period of unrest to a new stage of stability, development and construction.
Algeria is backtracking on some economic reforms such as cutting costly subsidies as the country wants to minimise the risk of protests before presidential elections next year
Dean of the Board of Executive Directors of World Bank Mirza Hassan said the WB is keen on providing full support for Egypt’s economic development plans
The authorities’ reform program has helped accelerate growth, reduce inflation and unemployment, and narrow external and fiscal deficits.
gypt’s Prime Minister Sherif Ismail signed off Saturday to raise drinking water and sewage fees starting this month by as much as 50 percent.
President Abdel Fatah al-Sisi has previously also noted that the rapid increase in population is also affecting the economic reforms, and are slowing them down.
German Ambassador to Egypt, Julius Georg Luy, praised Egypt’s measures to achieve the desired economic growth rate, 7.5 percent
World Bank (WB) President Jim Yong Kim lauded Egypt’s economic reforms and its efforts to lure more direct foreign investments to the country
Egypt has the chance to reduce unemployment levels by working harder on boosting its economic growth rate, IMF's regional director Jihad Azour told Egypt Today.
