Egypt’s economic reforms helpful to counter coronavirus – minister

Egypt took advantage amid the coronavirus crisis of the success of its economic reform programme, adopted since November 2016, alongside structural reforms that have been implemented, said Planning Minister on Sunday.

The positive reform drive has resulted in a growth rate of 5.6 percent, a decrease of the unemployment rate to eight percent, and a decline in inflation to around five percent, in addition to diversification of Egypt’s economy, Hala El-Said added.

In comments made while attending the first meeting of Kemet Boutros Ghali Foundation’s advisory board, El-Said said.

Globally between 25 and 30 million jobs are expected to be lost because of the pandemic crisis and global trade will witness a sharp decline alongside general economic contraction, she referred.

International institutions expect Egypt to be among a small number of countries that will witness positive growth rates at around two percent while the global economy is projected to experience a decline in growth rates by seven percent, the minister said.

Meanwhile, Minister of Immigration Nabila Makram said procedures have been enacted over the past few days for repatriating 16,000 Egyptians stranded amid the Covid-19 pandemic.

Kemet Boutros Ghali Foundation for Peace and Knowledge (KBG) was established in 2018 by a group of prominent cultural and diplomatic figures.

KBG seeks to build on the legacy of Dr Boutros Boutros Ghali (1922-2016), aiming to continue and promote his core beliefs of dialogue, free access to information as well as peace and knowledge, with an emphasis on Egyptian heritage and how it is reflected in Egypt’s present strategic importance in the heart of the region and in the world at large.