Economic reforms have boosted State’s capability of hedging against shocks- Maeet

CAIRO – Egyptian Finance Minister Mohamed Maeet stressed the economic reforms, made by the State in the past period, have boosted its capability of flexibly dealing with internal and external crises and hedging against economic shocks in the world.

The move is meant to improve financial and economic indexes, attracting more investments and stimulating the private sector to participate in development works, Maeet said while meeting with a number of representatives and investors via video conferencing Saturday.

That will promote the structure of national economy and provide more job opportunities along with meeting development demands of citizens.

The government succeeded in achieving a strong growth rate with 9% of gross domestic product in the first half of the current fiscal year, despite negative repercussions of Covid-19 pandemic and disruption in supply chains as well as sharp inflation rates and price hikes, according to him.

The country seeks to achieve a 5.7 per cent growth rate of gross domestic product in June in the aftermath of severe global economic consequences in the world following the current Russian-Ukrainian crisis, Maeet pointed out.