21 January 2021 04:13 PM

Egyptian economy stable, says finance minister

Monday، 04 January 2021 - 02:33 PM

Finance Minister Mohamed Maait said on Monday the Egyptian economy is stable and is still capable of facing the negative repercussions of Covid 19.

During a meeting with Italian Ambassador here Giampaolo Cantini, the minister said the accurate implementation of the Egyptian reform program helped contain many of repercussions of coronavirus and made Egypt among fast-growing economies worldwide in 2020.

According to the International Monetary Fund report, Egypt recorded second highest economic growth by achieving a 3.6% rate, the minister said.

The report showed a decline of government debt to GDP from 108% in 2016/2017 fiscal year to 88% by the end of June 2020.

It achieved a 1.8-percent surplus last year, he said.

The minister said the government now entered the "pandemic" stage in a stronger position than it was two years ago, and this makes us confident that we are on the right track, and that we have achieved our financial and economic targets before the coronavirus crisis.

The Italian ambassador lauded the success of the Egyptian government to positively deal with coronavirus pandemic in a way that was highly acclaimed by international institutions.

He said his government is looking forward to boosting bilateral relations with Egypt in al domains.


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