Minister: Egypt to continue strong growth over next two years

CAIRO: Egypt’s economy is forecast to continue its positive growth over the next two fiscal years, Egyptian Minister of Finance Mohamed Maait has said.

Maait said that the current fiscal year, which began on July 1 this year and will end in June 2021, will see the Egyptian economy expand by between 2.8 and 4 percent, while it will rise by between 5.5 and 6.5 percent during the following fiscal year.

The minister said that the positive economic growth has helped Egyptian companies weather the storm of the coronavirus pandemic.

“Without economic reform, there would not be any hard currency to buy medicines and medical supplies, and import petroleum materials,” Maait said.

Two weeks ago, the International Monetary Fund praised the performance of the Egyptian economy, saying that it “exceeded expectations” thanks to a series of rapid containment measures.

The policies limited the effects of the pandemic, but also helped the Egyptian economy record a growth rate of 3.6 percent, the second highest in the world in 2020, the Fund said.