Egypt’s structural reforms in 2021 focus on sectoral development: Al-Mashat

Egypt’s Minister of International Cooperation Rania Al-Mashat has said that the second phase of the country’s proposed structural reforms for this year are focused on sectoral reform.

Minister Al-Mashat also said that they complement the process of reforms that the government started in 2016, with the International Monetary Fund (IMF) in the financial and monetary sector.

The minister’s remarks came during her first meeting with multilateral and bilateral development partners regarding new structural reforms that the Egyptian Government aims to implement during fiscal year (FY) 2020/21.

The meeting comes as part of the government’s negotiations with the World Bank Group (WBG) and the Asian Infrastructure Investment Bank (AIIB) on Development Policy Financing in support of the state budget.

The meeting was attended by representatives from several multilateral and bilateral development partners, including: the WBG; the AIIB; the European Bank for Reconstruction and Development (EBRD); the European Investment Bank (EIB); and the United States Agency for International Development (USAID), among others.

During the speech, she stressed the importance of the structural reforms that the Egyptian Government seeks to implement to achieve a sustainable economic recovery and the ability to withstand future challenges.

Minister Al-Mashat emphasised Egypt’s success in implementing the homegrown economic reform programme that was put in place between 2016 and 2019. The reforms helped cushion the country during the novel coronavirus (COVID-19) pandemic, enhanced development plans, and achieved positive growth rates despite recessions in most countries.