Egypt’s Finance Minister Mohamed Maait asserted the Egyptian economy is still capable of providing foreign finance needs in a move which reflects sufficient flexibility it has in defiance of domestic and foreign challenges amid geopolitics tensions and serious pressures on budgets of different countries worldwide.
In a press release on Saturday, Maait added that Egypt can obtain nearly five billion dollars annually from multilateral development banks under soft conditions.
The move shows the confidence of these international institutions in the economic approach adopted by the Egyptian government to address consecutive global crises, he said.
The country seeks to implement financial policies that would mainly contribute to attaining financial discipline and reducing debt and deficient rates of domestic product, added Maait.
Efforts are concentrating on maintaining primary surplus on sustainable basis and carrying out structural reforms to boost economic growth and encourage the private sector to participate in development efforts, according to him.