Egyptian minister hails reforms as public investment jumps 70%

Egyptian minister hails reforms as public investment jumps 70%

Egyptian minister hails reforms as public investment jumps 70%

Egyptian minister hails reforms as public investment jumps 70%

The growth followed reforms that helped make the Egyptian economy "more flexible“. (Shutterstock)

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Egyptian minister hails reforms as public investment jumps 70%

The rate of economic growth reached about 1.8 percent “” less than the population growth rate

A plan to control population increase will begin in January 2021

Updated 03 December 2020

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CAIRO: The volume of public investment in Egypt grew by 70 percent in the 2020/2021 fiscal year, reaching 595 billion Egyptian pounds ($37.9 billion), Minister of Planning and Economic Development Hala Al-Saeed has said.

In a speech at the Egypt Economic Summit 2020, she said that Egypt could become one of only three economies across the Middle East to achieve economic growth this year.

The growth followed reforms that helped make the Egyptian economy "more flexible“ and "able to absorb external shocks,“ she said.

Al-Saeed said Egypt faced great challenges that led to imbalances in the monetary, financial and external axes, which caused a decline in Egyptian economic indicators. The rate of economic growth reached about 1.8 percent “” less than the population growth rate.

The minister added that a plan to control population increase will begin in