Egypt’s President Abdel Fatah Al-Sisi has expressed his pleasure and satisfaction at the International Monetary Fund’s (IMF) recent praise of Egypt’s economic performance, despite the novel coronavirus (COVID-19) pandemic.
Egyptian Presidency Spokesperson Bassam Rady said, on Sunday, that Al-Sisi’s statements came during his meeting with Prime Minister Mostafa Madbouly, Minister of Finance Mohamed Maait, and Deputy Finance Minister for Financial Policies Ahmed Kouchouk.
President Al-Sisi also praised Egypt’s good governance and comprehensive stimulus measures, as well as accurate implementation of the country’s economic reform programme during the recent years.
During the meeting, Maait presented the IMF report that reviewed the performance of the global economy during 2020. The report has confirmed that the Egyptian economy has shown a great deal of cohesion, solidity, and ability to deal with the repercussions of the coronavirus pandemic.
The data outlined in the report indicated that the Egyptian economy achieved the world’s second highest economic growth rate of 3.6% during fiscal year (FY) 2019/20. The report also revealed that Egypt is in the 15% of those countries that achieved positive growth during 2020.
Maait added that the IMF statement hailed Egypt’s implementation of an economic reform programme, which took place from 2016 to 2019, and which contributed to limiting the effects of the pandemic.
The Minister praised the Egyptian financial sector’s initiatives which were directed at those sectors and groups most affected by the global health crisis.
In the report, the IMF also expressed its appreciation for the Egyptian government’s financial policy, which focused on supporting urgent priorities for the health sector. It also sought to protect the country’s most vulnerable groups, whilst providing support during FY 2020/21 to those sectors affected by the COVID-19 pandemic.
According to the IMF report, the Egyptian economy had exceeded expectations, even during the crisis, explaining that containment measures, supported by the authorities’ effective crisis management, and strong implementation of their policy programme helped mitigate the effects of the crisis.
The report expects Egypt’s growth rate will reach 2.8% in FY 2020/21, with a modest recovery in all sectors except tourism as the pandemic continues to disrupt international travel. However, pandemic-related risks still exist in light of the second global wave of COVID-19 cases.