Egypt Cabinet implemented 100% of the economic reform programme, PM tells parliament
Egypt’s government managed to implement 100 percent of its economic reform programme, Prime Minister Moustafa Madbouly told the newly-elected House of Representatives.
PM Madbouly is delivering a statement and answering questions from MPs on the government’s policy program.
He added that the government’s total investments over the past two years amounted to 324 billion Egyptian pounds .
The inflation rate decreased to 5.7 percent, the lowest in 14 years, Madbouly said, adding that the government managed to control prices of food commodities and increase the supply of strategic goods.
Egypt’s newly-seated House of Representatives had summoned on Sunday the prime minister and other ministers to answer questions on the government’s ‘Egypt Kicks Off’ programme.
The unemployment rate decreased during the third quarter of the financial year 2019/20 to 7.7 percent but later increased to 9.6 percent owing to the coronavirus pandemic, Madbouly said.
He added the measures taken by the state amid the pandemic pushed the unemployment rate down to 7.3 percent in the first quarter of the current financial year.
Fighting the pandemic
He added that Egypt ranked second after China in terms of economic development in 2020.
Madbouly stressed that Egypt’s efforts in the face of the pandemic have been hailed internationally.
On the Libyan crisis and the dispute over the Grand Ethiopian Renaissance Dam (GERD), Madbouly said that the state has adopted balanced policies in dealing with foreign powers.
He affirmed that Egypt’s foreign policy aims at maintaining balance, supporting the security of Arab Gulf countries, while protecting the country’s national security.