Egypt’s economy has proven to be more resilient in the face of challenges as the country came in the second position in The Economist’s normalcy index tracking the return to the pre-pandemic life.
The government has succeeded in implementing an economic reform programme that enabled the economy to withstand the repercussions of the COVID-19 crisis, the Minister of Finance, Mohamed Maait, said in a statement on Sunday.
During fiscal year (FY) 2020/2021, the overall budget deficit narrowed to 7.4% from 8%, while the primary surplus reached 1.4% of the country’s gross domestic product (GDP).
Egypt is investing EGP 700 billion in the national project for rural development (Haya Karima) which is expected to improve the living standards for 58% of Egyptians over three years.
According to a recent report by the World Bank, the Egyptian government has made historic progress in extending social protection coverage.
Public spending on social protection programmes reached 4.2% of GDP and cash transfer programmes led to cutting the poverty rate by 5.2% during FY19/20.
