Minister of Finance, Dr. Mohamed Maait stressed that the Egyptian economy is still gaining wide international acclaim amid the outbreak of COVID 19 pandemic. Thanks to the major reforms adopted by President Abdel Fatah Elsisi and backed by the Egyptians

•    Minister of Finance : The Egyptian economy proves to be capable of quickly recovering from the "pandemic" repercussions, as testified by the international institutions.

•    Economic positive indicators reflect the resilience of the Egyptian economy against the internal and external crises.

•    Restoring high growth rates … is a solid evidence for the economic reforms adopted by President Abdel Fatah Elsisi.

 

Minister of Finance, Dr. Mohamed Maait stressed that the Egyptian economy is still gaining wide international acclaim amid the outbreak of COVID 19 pandemic. 
Thanks to the major reforms adopted by President Abdel Fatah Elsisi and backed by the Egyptians, the economy registered positive indicators that truly prove its resilience against internal and external crises as well as  its capability of quick recovery from the global pandemic. National economy is now more flexible against shocks and more experienced in mitigating risks, noted the minister. 
 According to the estimations of Standard Chartered Bank,  Egypt is considered the only country in the Middle East that is capable of restoring its growth rates before the pandemic; thus registering GDP of 5.5 % during the FY 2021/22.

The minister also stressed that the latest forecasts of Standard Chartered  Bank for the Egyptian economy came consistent with its the previous ones before the pandemic; namely, Egypt will be among the largest 10 international economies in 2030, with its GDP standing at the 7th  up from the 21th    global rank. In the same context, the International Monetary Fund raised its estimations of Egypt's growth rate during the current FY to reach 2.8 % up from  2%,  and to 5.8% in the coming FY.  

In its final report, the World Bank underlined the same positive expectations  for the Egyptian economy,  pointing out the gradual recovery of Egyptian economy from COVID pandemic.  Besides, " MOODY'S INVESTORS SERVICE" has granted Egypt a new confidence testimony, thanks to being the only country in Africa that maintained positive growth rates before and during the "pandemic", while  another research institution affiliated to Fitch Ratings expected Egypt to score a growth rate of 3% in the current fiscal year.

Diligent implementation of economic reform program has offered the government financial availability to increase  general investments and to enhance spending  on health care and educational services.  The government also paid high attention to digital transformation projects towards achieving a " Digital Egypt",  whose importance have been greatly underlined during the "pandemic"  given the necessities of applying social distance and  executing electronic transactions across various fields, added the minister.

Dr. Maait highlighted that the government has succeeded in effectively managing the crisis of Coronavirus pandemic, and was widely hailed by  international credit ranking  and finance institutions, as IMF and WB, in particular. 

Namely, the Egyptian policy adopted a flexible and a proactive methodology that targeted striking a  balance between offering health care for citizens and  boosting production  as per the precautionary procedures and preventive actions. Such approach helped to safeguard the economic reform achievements and to  avoid risks of any severe crises so as to maintain a safe economic path for the nation, noted the minister.  
Also, this was reflected on the positive indicators registered by the Egyptian economy, noted Dr. Maait, pointing out that the financial and economic procedure adopted by State, led by its rational political leadership, in confronting COVID consequences, contributed to successfully overcoming such hardship as compared with other emerging economies.
IMF recognized Egypt as one of the best countries that efficiently and effectively managed spending of the economic support facility, as Egypt focused on providing urgent health priorities, protecting the most vulnerable groups and supporting COVID- affected sectors, added the minister.