Egyptian government to launch second phase of economic reform

Egyptian administration has succeeded in reducing the inflation rate. (Reuters)

• Saleh pointed out that the Egyptian administration has succeeded in reducing the inflation rate, and that economic growth has ensured that the current rate is safe and normal

CAIRO: Gehan Saleh, adviser to Egyptian prime minister for economic affairs, said that the second stage of the country’s economic reforms will be launched soon.
Saleh said the new stage of the reform process will introduce radical changes to the economic system to achieve sustainable growth rates and improve the standard of living.
She pointed out that the second stage, which relates to structural issues, aims to improve the quality of life and eliminate unemployment through consistent policies to create jobs and attract investment. Saleh added that despite the pandemic, the Egyptian economy had kept the country’s foreign debt within safe limits.
The adviser said that Egypt is one of the few countries that achieved a positive growth rate, and the only regional power to do so.
Speaking during a session of the eighth Alexandria Economic and Administrative Forum, she said that the growth rate will increase in light of the continuous implementation of the reform plan.
Saleh added that the current economic reform program is different from previous initiatives, explaining that the financial aspect has been successfully completed with the testimony of various international organizations, and Egypt still has other structural goals to achieve.
She noted that Egyptian President Abdel Fattah El-Sisi is especially interested in eradicating poverty rates in the country, which have fallen from the 32 percent recorded four years ago to 29 percent in the latest report.
She said that studying the local community contributed to the “decent life program,” for which EGP500 billion ($31 billion) was allocated.
Saleh pointed out that the Egyptian administration has succeeded in reducing the inflation rate, and that economic growth has ensured that the current rate is safe and normal.
Saleh added that the decline in net direct foreign investment during the first quarter of the year of the pandemic was compensated by domestic investments.