Egypt's Minister of Finance Mohamed Maait said that the Egyptian economy has recovered, is able to deal with global economic variables, and is ready to absorb likely external shocks.

The minister made the comments during a meeting with senior journalists and writers to discuss the FY202/2021 draft budget.

Maait said that several scenarios are on the table for the FY2020/2021 draft budget in light of global developments and tensions.

He added that the government is willing to pursue cooperation with all international corporations, including the World Bank and the International Monetary Fund (IMF), to attain financial objectives and maintain the sustained advancement of economic indices.

"The government is on its way to improving citizens' living standard and the services they receive. Moreover, we work on increasing spending on investment, improving social protection nets, and amending income structures to ensure that the fruits of the economic reforms reach every category in Egypt, specially the most vulnerable," Maait added.

He also said that there are 10 draft laws underway as part of the structural reform programme, covering partnership with the private sector, the governmental sovereign Sukuk, income taxes, and amendments to both the inclusive healthcare system and the VAT tax.

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