22 September 2020 10:09 AM

Mashat: Egypt hopes to revive its economy as coronavirus cases fall

Sunday، 09 August 2020 - 02:48 AM

International Cooperation Minister Rania el Mashat said Egypt is hoping it has turned the corner on the coronavirus as new cases fall daily, highlighting the country's efforts to boost its economy.

In an interview with the CNN network, Mashat said the novelty of Covid19 has pushed everyone to think and act differently. Accelerating reforms through multilateralism and cooperation has been the silver lining in the Covid-19 cloud, she also said.

According to her, the pandemic hit many countries in different ways and taught many lessons to everyone, from decision makers, to the private sector, civil society and even the ordinary citizens.

Mashat pointed to "some silver linings" around reforms, noting that Egypt achieved many planned reforms related to integrating the informal sector into the formal economy.

She pointed out that statistics put the number of informal workers in the country at 1.5 million.

She also noted that social protection networks have been expanded to mitigate the socio-economic impacts of the Covid-19 crisis on citizens.

Egypt entered the crisis with a strong financial situation and enough foreign reserves due to the economic reforms implemented between 2016 and 2018, the minister noted, adding that the financial inclusion and digitization strategies that have been implemented in the country in the past few years, have helped in weathering the effects of the crisis on the Egyptian citizens and taught them the important lesson that reforms should always be a continuous process.

Regarding the GERD crisis, she said Egypt's diplomacy belongs to a very authentic school, voicing her confidence that Foreign Minister Sameh Shoukry and Irrigation Minister Mohamed Abdel Ati are handling the negotiations well.


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