Mohamed Maait, Minister of Finance said that Egypt expects a growth rate between 2.8% and 4% in 2021, indicating that the corona crisis has affected the economic sectors, and financial packages have been provided to help citizens confront the deadly virus.
Maait explained during statements to "Sky News Arabia" that the main focus was on the repercussions of coronavirus on society, indicating that before the crisis we were targeting a growth of 5.8% to 6%, which is one of the highest growth rates in the world.
"Egypt was moving towards becoming one of the fastest growing countries in the world after investors began to search for possible opportunities in Egypt in light of the economic reform program,"Maait pointed out.
He stressed that with the corona crisis, the tourism sector has stopped completely and global trade has been affected, even in the Gulf region. All this had to be compensated quickly, and the IMF's response was swift, seeing Egypt as a 'shining star' in economic reform and an example to follow.
He continued: "Before the crisis, we asked for a non-financial assistance from the IMF, including applying structural reforms in the economy, yet, with the crisis, we asked for funding. Egypt was granted $2.8 billion, and the IMF approved another $5.2 billion, of which the second tranche was $1.6 billion, which is one of the best packages."
He pointed out that the growth rate is 3.6%, which is the second best during the pandemic, adding that the IMF stated that the performance of the Egyptian economy during the corona crisis exceeded expectations.
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