Finance Minister Mohamed Maait said Friday 01/10/2021 the Egyptian economy has become more capable of achieving economic goals, meeting the development needs, improving the standards of living, and providing services.

Egypt’s economy has become stronger to cope with internal and external challenges thanks to the State’s recent successful reform program, he told reporters during an open interview.

The Egyptian economy has proven its great ability to be cohesive and solid in dealing with the coronavirus pandemic that harmed many global economies and negatively affected the global supply chain, freight costs, inflation rates, interest rates, strategic commodities and petroleum materials internationally, Maait added.

Under the pandemic, Egypt had just two options; to shut down the economy and halt all national and development projects, which means cutting millions of jobs and losing many economic gains, or maintaining the state’s safe economic path by achieving a balance between preserving health and completing mega projects in various sectors, under precautionary measures, the minister said.

We preferred the second option, including a strategic decision issued by the wise political leadership to allocate EGP 100 billion as a proactive package stimulating economic activities and supporting the most affected sectors and groups, he added.

The balanced fiscal policies in dealing with coronavirus’s negative repercussions, as well as gains of the reform program, helped Egypt achieve economic goals, without imposing any new tax burdens on citizens, Maait said.

Source: State Information Service Egypt