Egyptian economy to grow 5.5% this fiscal year: World Bank economist

RIYADH: The Egyptian economy is projected to grow by 5.5 percent in the 2021-2022 fiscal year as it restores pre-pandemic growth rates, according to the chief economist at the World Bank in Egypt, Sarah Al-Nashar.

Assuming the pandemic gradually recedes, the African country is also expected to achieve a similar growth rate in the fiscal year to follow as well, she added, according to Alarabiya.

While public debt remains a challenge facing the Egyptian economy, the country is following policies to reduce the budget deficit, and is pursuing methods to enhance debt management and diversify sources of funding, the chief economist explained.

The Egyptian debt is mostly local and could be recycled the same way the external debt was, via new types of financing such as green bonds, Al-Nahsar disclosed.