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The coming period will witness the Cabinet's announcement of the launch of the second phase of economic reform, which will witness radical changes in the economic system to achieve sustainability in growth rates and an improvement in the standard of living; this is done by creating job opportunities by attracting investments in a favorable environment.
The second phase of economic reform, which is related to the structural aspect, aims to improve the quality of life and eliminate unemployment through consistent policies to create job opportunities and attract investments, pointing out that the Egyptian economy, despite the Corona pandemic, succeeded in placing the external debt within safe limits.
This came during a session entitled “Indicators of the Egyptian economy during a year of the Corona pandemic”, during the eighth session of the Alexandria Economic and Administrative Forum, chaired by Amani Saqr, where it addressed the impact of the pandemic and the closure measures on the macro and micro economy, saying, “Although it was a year of ordeal, its owner Grant".
The economic advisor to the Prime Minister stressed that Egypt is one of the few countries that has achieved a positive growth rate, and the only one in the region that has achieved negative growth rates due to the Corona pandemic, noting that our economy is linked to the world, and it affected everyone that the growth rate will rise in light of the continued implementation of the economic reform plan, and that many agencies that announce economic indicators for Egypt, including the Central Agency for Mobilization and Statistics, and the Ministry of Planning, as part of knowledge frameworks to create a safe investment climate.
The current economic reform programs are distinguished from the previous ones in that they go beyond the financial aspect to the structural aspects, explaining that the financial aspect has been successfully completed with the testimony of various international organizations and bodies, and we still have other structural goals ahead of an ambitious plan that carries radical changes.
President Abdel Fattah El-Sisi pays special attention to eliminating poverty rates and rates in Egypt, noting that those rates, which declined from 32% 4 years ago to 29% according to the latest report, have been studied in order to study the internal situation in isolation from international assessments and in favor of raising the level of poverty. Citizen's livelihood.
The economic advisor to the Prime Minister indicated that this study on the local community contributed to the "Decent Life" program, which was allocated 500 billion pounds and is followed up by the President of the Republic and the Prime Minister on a daily basis, and it has been ensured that Egyptian companies undertake it.
The Egyptian administration succeeded in reducing the inflation rate, pointing out that the current rate is safe and natural due to growth, explaining that the decrease in inflation led to a reduction in the interest rate as a kind of incentive to increase consumption and thus revitalize the economy, as well as investment and reduce the cost of investment, to improve the balance of payments.
She explained that the decline in net foreign direct investment during the first quarter of the Corona pandemic year, was compensated by internal investments, which contributed to confirming that the Egyptian economy is attractive to investment.