Cairo: Dr Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, conducted a meeting with the International Monetary Fund (IMF) mission led by Ms Ivana Vladkova Hollar to discuss macroeconomic indicators and the national programme for structural reforms and external financing aimed at bridging the funding gap.
According to State Information Service Egypt, the meeting involved detailed discussions on the Egyptian economy's developments, focusing on enhancing growth in tradable and exportable sectors, encouraging private sector participation in development efforts, and governing public investments to maintain macroeconomic stability. The Minister noted that the Egyptian economy has seen growth since the economic reform measures began in March 2024, with growth rates improving from 2.4% to 4.3% in recent quarters.
Dr Al-Mashat highlighted improvements in the quality of growth, with sectors like non-petroleum manufacturing, communications, information technology, tourism, and transport leading the growth rates, despite geopolitical tensions affecting the Suez Canal. She emphasized the government's strategic focus on tradable and exportable sectors, fiscal policy adjustments, reducing public debt, and attracting foreign direct investment.
Cooperation with international development partners was also discussed, particularly for mobilizing budget support financing to implement structural reforms, improve the business environment, and transition to a green economy. The aim is to finalize the second phase to secure around pound 4 billion in budget support.
Dr Al-Mashat pointed out that the private sector plays a significant role in financing, with over $14.5 billion in facilitated financing over the past five years. She also reviewed the "Nawfy" programme's national platform, which has attracted $3.9 billion for renewable energy projects, aiming to increase financing to $10 billion to support renewable energy capacity by 2030.
Moreover, she discussed debt swap programmes with international partners like Italy, Germany, and China, which aim to alleviate debt burdens while driving economic and sustainable development.