29 November 2020 09:08 PM

Sisi satisfied with IMF’s praise to performance of Egyptian economy

Saturday، 21 November 2020 - 10:58 PM

President Abdel Fattah El Sisi expressed his pleasure and satisfaction for the recent International Monetary Fund’s (IMF) praise to the performance of the Egyptian economy, despite the global outbreak of coronavirus pandemic crisis.

Sisi’s remarks came during his meeting with Prime Minister Mustafa Madbouli, Finance Minister Mohamed Maait, and deputy finance minister for financial policies Ahmed Kojok, presidential spokesman Bassam Radi said.

Thanks to prudent governance, fast, balanced and comprehensive stimulus measures, along with the accurate implementation to the economic reform program in the past years, Sisi added.

Earlier, head of the IMF team Uma Ramakrishnan said that the Egyptian economy had exceeded expectations, even during the crisis of outbreak of coronavirus.

“Containment measures, supported by the authorities’ effective crisis management, and strong implementation of their policy program helped mitigate the effects of the crisis”, she said.

“After recording a growth rate of 3.6 percent in FY2019/20, growth is projected to reach 2.8 percent in FY2020/21, with a modest recovery in all sectors except tourism, as the pandemic continues to disrupt international travel. Pandemic-related risks still exist in light of the second global wave of COVID-19 cases,” Ramakrishnan added.

“Subdued inflation in September (3.7 percent)—primarily reflecting lower food prices—triggered the monetary policy consultation clause. The updated financial information of state-owned enterprises and Economic Authorities was published in September,” she added.

“The Central Bank of Egypt’s (CBE) monetary policy remains appropriately accommodative. In this regard, we welcome the CBE’s recent interest rate cuts to further support economic recovery amid muted inflation. The exchange rate has modestly appreciated in the wake of an increase in capital inflows. Continued exchange rate flexibility will help absorb external shocks. Egypt’s banking system remains liquid, profitable, and well-capitalized,” Ramakrishnan said.

MENA

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