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Friday, 13 December 2019

Egypt's economic growth rate hits 5.5%, highest in decade: Planning minister

MENA , Saturday 6 Apr 2019
File Photo: Egypt
File Photo: Egypt's Planning minister Hala El-Saeed (Photo: Al-Ahram)
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Egypt's economy has achieved its highest growth rate within a decade to reach 5.5 percent due to the economic reform programme adopted by the government, Planning Minister Hala El-Saeed said on Saturday. 

Minister El-Saeed made the remarks while reviewing Egypt's economic reform programme with Adviser to Pakistan's Prime Minister on Institutional Reforms and Austerity Ishrat Hussain on the fringe of the 44th annual meeting of the Islamic Development Bank (IsDB) board of governors in Morocco, taking place on April 5-6 in the Moroccan city of Marrakesh.

The decline of the monthly inflation rate to 11.1 percent in December 2018, the lowest in 33 months – since 2016 – is among the positive indicators combined with the notable retreat of the average inflation rate in the first half of 2018/19 to record 14.1 percent compared to 30.2 percent in the same corresponding period of 2017/18, El-Saeed said.

Egypt's national economic and social reform programme mainly targeted attaining inclusive and sustainable growth through undertaking structural reforms for several sectors, namely the sector of power through rationalising subsidy and chiefly directing it to those who need it most, a statement by the planning ministry quoted the minister as saying.

She pointed out to the parcel of legislative and institutional reforms implemented by the government – to enhance the competitive abilities and retain the trust of investors – like the liberalisation of the exchange rate, boosting foreign currency reserves and bringing down both the deficit of state budget and public debt.

The Pakistani ministerial adviser voiced his country's eagerness to get acquainted with Egypt's successful national economic reform experience.

He also expressed keenness on the continued communication between the two sides with the aim of boosting cooperation.

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