Maait: Egypt ranks 2nd on Economist’s “Normalcy Index” on return to pre-pandemic activity levels

Finance Minister Mohamed Maait said the Egyptian economy has become more resilient in the face of challenges as Egypt ranked the 2nd on the Economist’s “Normalcy Index” with regard to its return to pre-pandemic activity levels.

 

He said this proved the government’s success in efficiently implementing the economic reform program, thus empowering the economy to contain the repercussions of the pandemic.

 

He added that 2020 witnessed an improvement in the financial performance with the total deficit receding from 8 percent to 7.4 percent.

 

He made the remarks in press statements on Sunday on the fringe of the annual meeting of the Islamic Development Bank in Uzbekistan.

 

He added that all international associations maintained the credit rating of Egypt with a stable outlook despite the pandemic.

 

This reflects confidence in the strength of the Egyptian economy, he said.

 

He said President Abdel Fattah El Sisi is leading the biggest development march to change life in Egypt, referring to the national project for developing the Egyptian countryside under “Decent Life.”

 

The United Nations has considered this project as one of the best development programs in the world, he said.

 

The project – whose investments will exceed EGP 700 billion in three years – will contribute to upping economic growth rate and improving the living conditions of 58 percent of the Egyptian people.

 

There are promising investment opportunities in the mega national projects in Egypt, especially for international development partners, he added.

 

He noted that allocations for the health and education sectors in the general budget of the current fiscal year surpassed the set constitutional levels, referring to the gradual application of the comprehensive health insurance system.

 

The government investments in the current fiscal year witnessed an unprecedented rise by 27.6 percent for injecting more funds into development projects.

 

He said the World Bank has estimated in a recent study that spending on social protection programs reached 4.2 percent of the GDP of 2019-2020 fiscal year, adding that poverty rates dropped 5.2 percent thanks to programs for direct support of vulnerable people.

 

He noted that Egypt is keen on diversifying financing resources, adding that Egypt is preparing to issue the first sovereign sukuk offering in 2022.

 

He added that Egypt’s issuance of green bonds has been encouraging for investors and this reflects confidence in the Egyptian economy.

 

Source: State Information Service Egypt

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