Egypt’s economy hits its highest growth rate in decade: minister

Egypt’s economy hit its highest growth rate in a decade to record 5.5 percent, because of the economic reform programme adopted by the government, said Planning Minister Hala al-Saaed on Saturday.

Minister al-Saeed made the remarks while reviewing Egypt’s economic reform program with Adviser to Pakistan’s Prime Minister on Institutional Reforms and Austerity Ishrat Hussain on the fringe of the 44th annual meeting of Islamic Development Bank (IsDB) board of governors in Morocco, taking place on April 5-6 in the Moroccan city of Marrakesh.

The decline of the monthly inflation rate to 11.1 percent in December 2018, the lowest in 33 months – since 2016, is among the positive indicators combined with the notable retreat of the average inflation rate in the first half of 2018/2019 to record 14.1 percent compared to 30.2 percent in the same corresponding period of 2017/2018, Saaed said.

Egypt’s national economic and social reform program mainly targeted attaining inclusive and sustainable growth through undertaking structural reforms for several sectors, namely the sector of power through rationalizing subsidy and chiefly directing to those who deserve, a statement issued by the Planning Ministry quoted the minister as having said.

She pointed out to the parcel of legislative and institutional reforms implemented by the government – to enhance the competitive abilities and retain the trust of investors – like the liberalization of the exchange rate, boosting foreign currency reserve and bringing down both the deficit of state budget and public debt.

The Pakistani ministerial adviser voiced his country’s eagerness to get acquainted with Egypt’s successful national economic reform experience.

He also expressed keenness on the continued communication between the two sides with the aim of boosting cooperation.

Source: MENA