Egypt sets 2022 GDP growth target of 8% – PM

Egypt has set its 2022 economic growth target at 8 percent, Prime Minister Mostafa Madbouly said on Sunday.

The government aims to boost the private sector’s engagement in the Egyptian economic development strategy, Madbouly said during the 43rd session of the Arab Central Banks Governors and Arab Monetary Associations, taking place in Cairo.

Economic growth has picked up since the government concluded a three-year economic reform programme tied to a $12 billion loan deal with the International Monetary Fund (IMF) signed in late 2016.

Egypt has been praised by international lenders for swift reforms which included a number of austerity measures that have left many Egyptians struggling to get by.

The reforms included a sharp devaluation of the currency, the introduction of value-added tax, and the elimination of subsidies on most fuel products.