24 October 2020 02:34 PM

Ma'eet reviews performance of Egyptian economy with int'l bankers, investors

Sunday، 18 October 2020 - 12:32 PM

Finance Minister Mohamed Ma’eet had talks with senior officials at Standard Chartered and HSBC via video conference earlier Sunday.

He also attended a gathering organized by Bank of America with a group of foreign investors, as part of autumn meetings of the International Monetary Fund (IMF).

Ma’eet reviewed indexes of performance of the Egyptian economy in the wake of the coronavirus pandemic.

Indeed, international institutions, such as the World Bank, the IMF and the European Bank for Reconstruction and Development (EBRD), have spoken highly of the strength of the Egyptian economy in the face of repercussions of the virus, said a proud Ma’eet.

He made it clear that the government encourages investments in the fields of transport, natural gas, petroleum, renewable energy and industry, according to a statement by the Finance Ministry.

The government is also working to promote exports and support small and medium-sized enterprises (SMEs), while also maximizing the role played by the private sector to achieve development, the minister added.

This, he noted, should contribute to creating new jobs and reducing unemployment rates.

Ma’eet told the officials that Egypt was able to maintain a growth rate of 3.6 percent of the gross domestic product during the coronavirus crisis.

The unemployment rate reached 9.6 percent by the end of June 2020, which is roughly the same level reported in the fiscal year 2017-2018, he added.

Egypt is the only country in the Middle East and Africa that could keep confidence of all three international rating institutions (Standard and Poor’s, Moody’s and Fitch) during such tough period in the history of global economy, he noted.

MENA

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