Egypt’s Economy back on Track: PM

Egypt’s economy is finally recovering after years of turmoil, Egyptian Prime Minister Ibrahim Mahlab said on Wednesday.

The Egyptian leader made the conclusion citing recent economic indicators while addressing a three-day United Arab Emirates (UAE) government summit.

Economists predicted that Egypt is going to see a four pct economic growth during the current fiscal year, up from the 2.2 pct in previous one, said Mahlab.

He also attributed Egypt’s economic recovery to the government’s plan regarding subsidies system reforms so as to lighten the pressure on the public budget.

New incentives and infrastructure projects across Egypt have also helped to spur economic growth, create job opportunities, and promote an investor-friendly legislative environment, he added.

He also noted that the Egyptian stock market “exceed expectations” last year, and that in December, rating agency Fitch upgraded Egypt’s long-term foreign and local currency Issuer Default Ratings from ‘B-‘ to ‘B.’

The prime minister added that the second Suez canal project and a new 3,400 km-long transport network connecting Egyptian cities would be instrumental for the most populous Arab country to boost its economic comeback.

Also in his speech at the summit, Mahlab said the next parliamentary elections in March and April this year will pave the way towards a “new democratic Egypt.

Mahlab added that preparations were underway to ensure the elections are fair and democratic.

The prime minister also said that his country is ready to join the UAE in a drive to battle terrorist groups, adding that “Egypt aims to secure its people and the Arab world from terrorism.”

Source: Xinhua