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Egypt’s Minister highlights domestic economy despite Covid-19 crisis

Cairo, Sep 5 (Prensa Latina) Egypt's Minister of Finance Mohamed Maait highlighted today the strength of the domestic economy despite the global crisis caused by the Covid-19 pandemic.

In a statement, the minister cited as an example the country’s position in second place globally in the Normality Index, conducted by the specialized The Economic newsletter, which compares the current economic data with those prior to the health crisis.

He also noted that in 2020 the country’s total deficit dropped from 8.0 to 7.4 percent.

Maait pointed out that all international firms maintained Egypt’s credit rating with a stable outlook despite the pandemic.

Recently, Economy Minister Hala El Saeed announced that Egypt’s Gross Domestic Product will grow 5.4 percent in fiscal year 2021-2022, while unemployment and poverty will drop to 7.3 percent and 28.5 percent, respectively.

As part of the national development strategy, we expect to double the savings rate from 5.5 percent in the concluded fiscal year 2020-2021 to 11.2 percent in the current fiscal year, she underscored.

Among the targets, she said, is to increase foreign direct investments to reach 7 billion dollars and raise non-oil exports by 10 percent to 19.5 billion dollars.

The minister also cited among the goals to grow in the flow of remittances sent by Egyptians working abroad to 30 billion dollars.


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