Minister of Finance Mohamed Maait said Saturday 15/10/2022 that the government is committed to have a balance between the financial policies and supporting the economic and social activities to spur the macroeconomics and keep the country’s economic momentum on the right track.
Maait’s comments came during his meeting with representatives of Fitch, Barclays, and Standard Chartered banks, on the sidelines of his participation in the meetings of the International Monetary Fund (IMF) and World Bank in Washington.
This commitment should serve the interests of the Egyptian economy to be more diversified and resilient against global challenges, ensued from the global outbreak of coronavirus and the Russian-Ukrainian crisis, Maait said.
“We spare no effort to reinforce spending on human development aspects, topped by health and education,” the minister said, adding the financial allocations for social protection programs have also been increased 5.2 percent in the first quarter of current fiscal year.
Egypt was the sole Middle East country which maintained the confidence of the three world rating agencies, namely Standard and Poor’s, Moody’s, and Fitch, in one of the most critical periods seen by the global economies, a matter prodded Egypt to continue pursuing its structural reforms to overcome the running global challenges, he added.
Source: State Information Service Egypt