Minister: Egyptian economy’s performance amid coronavirus still praised by int’l institutions

Minister of Finance Mohamed Maait said the Egyptian economy’s performance amid the spread of the coronavirus pandemic is still praised by international institutions, topped by the International Monetary Fund; since economic indicators were better than what has been expected by international institutions.
This has been evident in the latest report released by the International Monetary Fund on Thursday, following the end of discussions between the IMF and Cairo within the framework of a staff-level agreement on the first review of Egypt’s economic program supported by the IMF’s dlrs 5.2 billion Stand-by Arrangement.
This will be positively reflected on the investment climate in Egypt, especially in the circles of local and international businesses, Maait said in a statement Friday.
It will also contribute to attracting further investments, generating new job opportunities, maintaining the sustainability of the gross domestic product (GDP)’s growth rate, slashing debt and deficit rates, maximizing production capabilities, and boosting exports; in a way that enables the State to increase spending to improve the citizens’ living conditions, enhance the services offered to them, protect the most vulnerable categories and support the sectors worst hit by the coronavirus pandemic, he added.
The minister noted that the historic economic reforms implemented in Egypt, the stability and coordination of fiscal and monetary policies, the structural reforms made by the government, and the balanced financial policies strongly supported by President Abdel Fattah El Sisi, have all helped the Egyptian economy be resilient in facing the coronavirus crisis.
The IMF said in a press release Thursday that Egypt’s economy has performed better than expected despite the pandemic, thanks to a swift, balanced and comprehensive stimulus package, monetary policy response, and targeted financial sector initiatives.
“Containment measures, supported by the authorities’ effective crisis management, and strong implementation of their policy program helped mitigate the effects of the crisis,” read the press release.

Source: State Information Service Egypt

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