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Economic reforms help Egypt contain COVID-19 crisis - Maait

Economic reforms help Egypt contain COVID-19 crisis - Maait
Egypt is seen to be the only country to achieve growth in the MENA region

Cairo – Mubasher: Without the recent economic reforms, Egypt would have not been able to contain the coronavirus (COVID-19) crisis, the Minister of Finance, Mohamed Maait, said.

Egypt’s economy has become more resilient to exceptional internal and external shocks, thanks to the economic reforms introduced by the government in the last period, Maait noted in a statement on Tuesday.

The government is still implementing structural reforms to attract more investments and enable the private sector to have a bigger role in the development process in the upcoming period, he pointed out.

In addition, there is a growing commitment towards creating a conductive investment environment, especially for promising sectors such as renewable energy, petroleum, petrochemicals, and transportation.

This came during the minister’s participation in two meetings via video conference one with representatives of the International Monetary Fund (IMF) and the other with 40 US investors.

Egypt is seen by the IMF to be the only country to achieve positive growth in the MENA region during the pandemic.

In 2019, foreign direct investment (FDI) inflows to Egypt increased by 11% in $9 billion