The International Monetary Fund praised the role of the private sector in strengthening the Egyptian economy, which faces external and internal challenges and difficulties, which will hardly be reflected in growth and employment rates.
Jihad Azour, director of the Middle East and Central Asia Department at the International Monetary Fund, pointed out that "the role of the private sector in Egypt is essential, and the state must support it and complement it."
Last March, the activity of the non-oil private sector in Egypt contracted at the fastest pace since the first months of the Corona virus pandemic, as the repercussions of the Russian invasion of Ukraine affected business and caused prices to rise. The Purchasing Managers' Index in Egypt, which was issued by Standard & Poor's Global, fell to 46.5 from 48.1 in February, to remain below the 50 level separating growth and contraction for the 16th consecutive month.
Azour commented on the Egyptian president's decisions regarding the private sector, stressing that it is one of the main objectives that were set in Egypt's economic reform program in 2016, and the second program is to raise the level of private sector participation in the Egyptian economy. He explained that the private sector in Egypt is dynamic, developed and capable of leading the Egyptian economy.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
