Egypt Achieves Highest Economic Growth in 11 Yrs

Petroleum Minister Tarek el Molla said in a speech on the behalf of President Abdel Fattah el-Sisi that  Egypt achieved its best economic growth in 11 years, despite the global economic slowdown and international and regional instability.

This came during the 5th summit of Gas Exporting Countries Forum (GECF) in capital of Equatorial Guinea Malabo.

Sisi wrote in a press release that Egypt has been able to implement an economic reform program according to the national requirements, and supported by political will, as well as strong popular support over the past five years.

"Many experts and international financial institutions believe that the Egyptian economy have exceeded expectations," Sisi added.

Sisi noted Egypt has achieved a total growth of 5.6 percent, the best economic growth in 11 years, taking into account the slowdown in the global economy, under 'unfavorable global and regional conditions'.

The president hinted that inflation rates would dropped to 13.4 percent on average in 2018-19, compared with 34 percent in 2017, with inflation expected to continue falling due to the stability of the exchange rate, increasing domestic production and higher export earnings leading to higher foreign reserves at $ 45 billion in September 2019, compared to $ 13 billion in 2013.He added that political and economic stability boosted the investment climate, having a profound impact on the Egyptian petroleum industry to move to new horizons.He pointed out that during the past five years, 27 projects have been implemented to develop gas fields with investments estimated at $ 21 billion. Egypt's production reached 7.2 billion cubic feet of gas per day.

The discovery of the giant Zohr field and putting it on production in record time surpassed all international rates, meeting local market needs.

"The Zohr field is a clear indication that the Mediterranean region is still full of wealth," Sisi pointed out.

He added that the past two years have witnessed the achievement of tangible steps towards the implementation of Egypt's national project to become a regional center for gas and oil trading, starting with the development of infrastructure and strengthening the bonds of cooperation with international and regional partners.

He pointed out that Egypt's efforts in the sector have culminated in the establishment of the Eastern Mediterranean Gas Forum with the aim of enhancing cooperation through a systematic dialogue and formulating regional policies, in order to optimize the exploitation of the gas potential of the region.

Overcoming the challenges facing our world requires political will, regional and international cooperation, especially in our continent, which includes huge natural resources, great ambitions and human capabilities at a high level, in addition to the ability to enhance the global energy future.

Sisi concluded that Egypt's message comes in the form of an invitation to help spread peace and benefit humanity through cooperation and mutual understanding under the umbrella of international cooperation, reaching sustainable development.