CAIRO – Thanks to the government’s economic reform programme, Egypt’s economy has become more resilient to internal as well as external shocks, Minister of Finance Mohamed Maeet said Saturday.
In statements on the margins the 2022 Spring Meetings of the International Monetary Fund (IMF), Maeet added the programme had also helped the government deal with the ongoing global challenges arising from the extraordinary fallout from the Covid-19 pandemic and the adverse impacts of the Ukrainian crisis.
“Had it not been for our successful and meticulous implementation of the economic reform programme, as recognised international institutions, the situation would have become more complicated under the pandemic as well as the Ukrainian crisis,” the minister said.
He went on to say that thanks to the reform program, the Egyptian economy was one of the few economies that had managed to achieve positive growth rates during the pandemic, hitting a 9 per cent semi-annual growth rate during the current fiscal year.
Maeet also cited statements by Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva during the 2022 Spring Meetings of the IMF on Wednesday applauding the remarkable progress made by the Egyptian government in implementing its economic reform programme.
Georgieva has also emphasised the government’s commitment to go on with tangible economic reforms, while maintaining financial stability at the national level, especially in light of the ongoing global challenges related to soaring energy prices and the food crisis triggered by the Russian-Ukrainian conflict.
