Dr. Mohamed Maait, Minister of Finance, said that foreign direct investment inflows witnessed a remarkable increase during the first quarter of the current fiscal year, by 98%.
The minister stressed that the services sector achieved a significant improvement in the balance of payments, as the Suez Canal revenues achieved a record high of about $2.3 billion, an increase of about 35% over last year.
The minister said that the unprecedented developmental movement in Egypt has led to an increase in the gross domestic product (GDP) by about 7 times over the past years.
He explained the continuation of policies to control and sustain the conditions of public finances, in a way that contributes to maintaining the stability of macroeconomic indicators and achieving targets.
The minister added that those policies can enable Egypt to launch packages of social protection to mitigate the repercussions of the economic slowdown on the neediest groups and sectors.
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