26 August 2019 11:14 AM

Cabinet reviews Morgan Stanley's report on Egypt's economic reform program

Friday، 09 August 2019 - 10:58 AM

The cabinet under Prime Minister Moustafa Madbouli on Thursday reviewed a report of Morgan Stanley bank on Egypt's economic reform program, which the bank described as the best one among emerging markets.

In its weekly meeting, the cabinet said the bank's report showed the significant improvement in Egypt's economy at a time when the global economy declines, citing the country's economic growth rate, which surpassed the 5% mark, Spokesman for the Cabinet Nader Saad said.

The report forecast that Egypt's economic growth rate will exceed the 60% mark within the next few years, the spokesman added.

The report shed light on the considerable decline in Egypt's budget deficit from 4% to 1% of GDB, Saad noted.

It also highlighted the large decrease in the country's public debt from 108% to 88% as a result of the government's decision to lower spending on subsidy from 11% to 5% of GDB, according to the spokesman.

The report lauded the government's efforts to apply the e-payment system to government financial transactions, in an attempt to increase state revenues and cut the red tape, the spokesman said.

MENA

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