The Minister of Planning and Economic Development, Dr. Hala Al-Saeed, indicated that “the confidence of many international institutions in the efficiency of the performance of the Egyptian economy is due to what the state was able to achieve in terms of stability after implementing the economic and social reform program in 2016,” stressing that “the Egyptian economy was able to face the repercussions of the COVID-19 crisis as a result of those reforms that contributed to enhancing the state's ability to absorb the catastrophic effects of the virus.
Al-Saeed pointed out that Egypt has achieved advanced growth rates in the world, which was reflected in the praises of those international institutions regarding the Egyptian economy and these institutions' expectations that the growth rate in Egypt will continue to be positive despite the Coronavirus crisis, unlike many emerging markets.
She said: "The International Monetary Fund has raised its forecast for the growth of the Egyptian economy to 2.8 percent during the current fiscal year compared to the 2 percent that was expected before that, and also expected the growth rate to reach 5.5 percent next fiscal year. Accordingly, Egypt will be among the few countries that its growth exceeds 1.5 percent during 2020."
The International Monetary Fund praised Egypt's proactive and targeted response to the economic repercussions of the Coronavirus, which helped Egypt achieve better performance, and praised the Egyptian economic reform program and the country's foreign reserves at good levels.
Source (7Youm Website, Edited)
