The Chief Economist of the World Bank in Egypt, Sarah Al-Nashar, noted that the Egyptian economy has begun to recover from the Corona pandemic, although the negative effects are still continuing all over the world.
She expected Egypt to restore pre-pandemic growth rates, and the Egyptian economy to achieve a growth rate of 5.5 percent during the current fiscal year, and similarly in the next fiscal year, assuming the pandemic gradually recedes.
Al-Nashar explained that the public debt represents a challenge facing the Egyptian economy, a problem facing many countries in light of the pandemic, and Egypt continues to follow policies to reduce the budget deficit and there are positive steps to improve debt management and diversify sources of funding. Considering that the financing gap in Egypt is related to the pandemic, and recently, Egypt has diversified its sources of funding, most of the Egyptian debt is local and there is the ability to recycle it well. Similarly, the external debt has been gradually introduced to new types of financing, such as green bonds. She expected an improvement in foreign exchange resources from tourism and gas exports with the easing of pandemic restrictions.
The Egyptian Minister of Planning, Hala Al-Saeed, had expected that Egypt's economy would grow by 5.6 percent in the 2021-2022 fiscal year.
Source (Al-Arabiya.net Website, Edited)
