The private sector is a key partner in development, playing a critical role in designing, implementing, and following up on Egypt’s structural reforms, which constitute the second phase of the economic reform programme, said Egypt’s Minister of Planning and Economic Development Hala El-Said.
El-Said was speaking on the sidelines of the ministry' recent meetings to review Egypt's efforts during the second wave of economic reforms, which focus on structural reforms.
El-Said noted that the review comes within the framework of the role assigned to the Ministry of Planning and Economic Development in diversifying the productive structure and increasing the productive capacity and competitiveness of the Egyptian economy.
“It has become an urgent necessity to confront the recent radical changes in the global economy as a result of the COVID-19 outbreak for Egypt to benefit from the post-pandemic situation,” El-Said said.
El-Said explained that the structural reforms programme aims to diversify the structure of the Egyptian economy and increase its flexibility, raise the ability to absorb external and internal shocks, and transform the path of the Egyptian economy to become a productive, knowledge-based economy with competitive capabilities in the global economy.
The minister asserted the importance of the structural reforms programme in terms of cooperation between the programme and the Erada ("Will") initiative to reform the business climate.
Erada is based on a set of pillars, foremost among which are the contribution to reforming the legislative system regulating the business climate, participation in reforming the procedural system regulating the business climate, and building the legislative impact evaluation system to support the decision-maker in organising the practice of economic activities, said El-Said.
She added that structural reforms include building and developing a database of legislation regulating the business climate in Egypt, which involves a large number of legislation and regulations, by partnering with the private sector.
In June, Egypt received the first tranche of a loan, $2 billion, from the International Monetary Fund under a 12-month stand-by agreement worth a total of $5.2 billion to support its second phase of economic reforms.
The first review of the loan programme is scheduled for December, and the second review will take place in June 2021.