Finance Min.: Int'l Reports on Egyptian Economy Not Totally FairSource: www.export-egypt.com 5/7/2023, Location: Africa |
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Finance Minister Dr Mohamed Maait said that the reports of international institutions on the Egyptian economy are not totally fair in dealing with Egypt.
In a telephone conversation with a TV program on Sada El Balad satellite channel, the minister said there are pressures on the Egyptian economy and Egypt has implemented an economic reform plan whose consequences were borne by the Egyptian people. Economic conditions had started to improve until the Corona Virus pandemic came along, he said. During the two years of the pandemic, the tourism movement stopped, the industrial sector was affected and the state assisted the tourism sector, irregular employment and the health sector, he added. The ministry lost around EGP 400 billion in revenues during the pandemic and more than EGP 200 billion were spent in facing it, he said, noting that after the pandemic, the Russian-Ukrainian war began, which resulted in a significant rise in petroleum and wheat prices. Egypt's import bill rose from dlrs 5 billion to dlrs 10 billion per month due to the Russian-Ukrainian crisis and the rise in global prices, he said, adding that the state managed the Corona Viris crisis well and the citizens did not feel the absence of any goods. He also mentioned that Egypt has a diversified economy, referring to the Suez Canal, tourism, exports and remittances of Egyptians abroad. Maait pointed out that interest rates are high in the US Federal Reserve, which is reflected in prices globally. There is exaggeration by international institutions regarding the future outlook of the Egyptian economy. Egypt is going through exceptional circumstances due to the global economic crisis, he said, voicing hope that the global economic crisis would be over before the end of this year. "We are paying loan installments on time even under difficult global economic conditions," the minister said. Egypt has worked to solve the electricity problem and has implemented development projects that serve the Egyptian citizen, saying "we support the private sector to lead the Egyptian economy, as we issued a state ownership document to enable the private sector to lead the economy." The Egyptian state is working to deliver support to beneficiaries in all sectors, whether in subsidised bread, supplies or increasing salaries and pensions, he added. |
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