We as a government do agree that a flexible exchange rate is definitely good for the economy,” Planning Minister Hala El Said told BloombergTV today (watch, runtime: 6:40
The government would back further EGP depreciation the minister said, following weeks of speculation that CBE Governor Hassan Abdalla will gradually allow for more flexibility in the EGP exchange rate in a bid to secure new IMF assistance
Al-Saeed further said: “the government is working very hard to increase our foreign exchange receipts by means of an effort to boost exports, foreign direct investment and remittances from abroad.”
She pointed out that Egypt’s economy grew 6.6 percent for the last financial year, the highest growth rate since 2008, driven by growth in various sectors of the economy.
“There are major sectors that contributed to this growth, led by the telecommunications sector, which recorded a growth of 3%, and hospitality sector, which recorded a growth by 45%, although it faced many challenges due to the impact of the geopolitical conflict between Russia and Ukraine.”
“The industrial manufacturing sector also witnessed a growth of 9%. almost all sectors recorded a positive growth rate during the last fiscal year. She added that Egypt will reconsider its forecast for the economy by next month to account for shocks from abroad,”
“There is currently a focus on three major sectors, namely agriculture, industry and ICG. Also, the government is working to strengthen the cooperation with the private sector to lead the Egyptian economy,” al-Saeed added.
