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Egypt’s Cabinet Media Center has said the country managed to gain the trust of international institutions in Egypt’s economy. This is due to its ability to face different challenges posed by the Russian-Ukrainian crisis through the continuation of the economic reform program
Egypt’s Cabinet Media Center has said the country managed to gain the trust of international institutions in Egypt’s economy. This is due to its ability to face different challenges posed by the Russian-Ukrainian crisis through the continuation of the economic reform program.
The center hailed the recent measures adopted by the state to mitigate the economic problems. That helped international institutions to maintain their optimistic forecast about Egypt’s economy.
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Egypt took important measures to increase wages and pensions. Also, some important sectors, such as gas and the higher revenues from Suez Canal contributed to the increase in growth. Importantly, Egypt undertook exchange rate, monetary and fiscal measures in response to adverse global developments, such as soaring prices and tightening financial conditions, aggravated by the war in Ukraine. The World Bank maintained that the recent surge in economic activity has set Egypt on track to achieve growth of 5.5% in FY 2021/22.
