Maait: Egypt's Foreign Reserves Reach $40 Bln

Dr. Mohamed Maait, Minister of Finance confirmed on Tuesday that the foreign exchange reserves have reached $40 billion in March 2020, which is sufficient enough to secure the country's needs.

In his word before parliament's plenary session, Maait stressed that international institutions praised the improvement of the Egyptian economy after the implementation of the economic reform program.

Moreover, the International Monetary Fund (IMF) expected Egypt to record a growth rate of 2 percent during 2020, to be the only country to achieve positive economic growth during the current fiscal year in the Middle East and North Africa (MENA), according to the minister.

Maait also valued President Abdel Fattah El-Sisi's support for the most affected sectors in the light of the recent coronavirus crisis, noting that the country seeks to achieve a balance between increasing the rate of growth and creating job opportunities for youth, and this will be achieved once the global conditions improve.

"This balance will ensure securing our country's economic and political future," the minister added.

In addition, he pointed out that the budget project has taken into account the achievement of social justice, expand funding for social protection programs and most-needy citizens, as well as the application of a comprehensive health insurance system and development of the educational system.