CAIRO - 23 April 2022: Egyptian Minister of Finance Mohamed Maait stressed that the current global challenges facing the economies of various countries, as a result of COVID repercussions, the Ukrainian crisis, the concurrent disturbances in supply chains, a sharp rise in inflation rates and shipping costs, and then an increase in the prices of goods and services, reflect the importance of Egypt's economic reform program.
Speaking about the program, Minister Maait said "the program made us more resilient in the face of internal and external shocks," adding that the situation would have been more complicated and difficult in light of the pandemic and the Ukrainian crisis as well.
implementation of the economic reform program, With the testimony of international institutions, the situation would have been more complex and difficult in light of the “pandemic,” and the Ukrainian crisis as well.
On the sidelines of the Spring Meetings of the International Monetary Fund and the World Bank, the Minister explained that the economic reform that we implemented in 2016, and that we bore its harsh consequences, enabled us to achieve positive growth rates among only three or four countries in light of the “Corona” virus, which reached 9 percent of GDP.
During the first half of the current fiscal year, he pointed out that "we are proceeding with the implementation of structural reforms without any burdens on citizens, to create a business environment and stimulate local and foreign investments to sustain economic growth and provide more job opportunities."
The Minister pointed out the importance of the estimates of international financial and classification institutions for the economies of countries; As the “most important indicator” on which investors’ destinations around the world move, pointing to what was announced by the Managing Director of the International Monetary Fund, Kristalina Georgieva, on the sidelines of the Spring Meetings of the International Monetary Fund and the World Bank, saying: “The Egyptian government has achieved great success in implementing the economic reform program, in a way that makes the International Monetary Fund appreciate its experience with the Egyptian government.”
The minister explained that the director of the International Monetary Fund praised, in her statements, the Egyptian government's keenness to continue implementing structural reforms. To sustain economic and financial stability, job-rich economic growth and strengthening the umbrella of social protection, especially in light of the severe pressures on the global economy, embodied in the strong rise in oil prices and the food crisis resulting from the Russian-Ukrainian war.