Minister of Planning and Economic Development Hala El-Said
El-Said made her comments during a conference organised by the immigration ministry on the role that remittances play in increasing investments and achieving sustainable development.
El-Said noted that the state is working on rejuvenating the economy through raising incomes and increasing investments in top-priority sectors.
Egyptian expats’ remittances edged up by 29.6 percent from April to June 2021 to $8.1 billion, up from $6.2 billion in the same period of 2020, according to data the Central Bank of Egypt (CBE) published in September.
Moreover, Egyptian expats' remittances rose by an annual rate of 15.5 percent in June to reach $2.9 billion, up from $2.6 billion in June 2020, according to the CBE.
In June, the Central Agency for Public Mobilisation and Statistics (CAPMAS) said that Egyptian expats' remittances posted $250.3 billion from FY 2011/2012 through FY 2019/2020.
The figure accounts for 31.7 percent of Egypt’s net international reserves.
During that period, remittances fluctuated, recording a high of $27.8 billion in FY 2019/2020 and a low of $12.6 billion in FY 2010/2011, according to CAPMAS.
Egyptian expats' remittances registered an 8.5 percent increase from July 2020 to March 2021, to reach $23.4 billion, up from $21.5 billion in the same period of 2020, the CBE said in June.
Remittances are essential for the recovery from the aftermath of the pandemic in developing countries, a recent report by the World Economic Forum said.
“The money the expats send across the world’s borders have helped smooth the economic shocks from the pandemic, fostering stronger resilience and recovery in their home nations throughout 2020, and into 2021 and beyond, than would have been the case without these flows,” the report explained.
It added that the remittance multiplier effect boosts local economic activity and ultimately the gross domestic production.