The Egyptian economy remains steadfast amid severe global economic challenges, which cast their shadows on all countries, especially developing nations and emerging economies, Minister of Finance Mohamed Maait said.
Maait was speaking during a meeting with a group of investors representing the Bank of America Symposium, which took place on the margins of the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund (IMF) scheduled for April 10-16 in Washington, DC.
The structural reforms pursued by the government over the past few years have made the Egyptian economy more resilient to internal as well as external shocks, despite consecutive global economic crises, including the COVID-19 pandemic and the war in Europe, the minister said.
Highlighting the fallout from these crises; namely unprecedented inflation rates, soaring food and energy prices, higher shipment cost, and disrupted supply chains, Maait noted that the country’s new budget gives priority to taking a flexible approach to dealing with inflationary pressures to mitigate their effects on those most in need.
Under the new budget, the government will also maximize its efforts to enforce fiscal discipline, create a business-friendly environment, streamline investment procedures, achieve positive development rates, and expand the scale of green projects, the minister pointed out.
The government will also support ongoing structural reforms to enable the private sector to spearhead the development march in Egypt and create more productive jobs, Maait added.
Source: State Information Service Egypt