Egypt's economy exceeds expectations during COVID-19

Egypt's financial performance during the novel coronavirus (COVID-19) pandemic has exceeded expectations, according to the testimony of the International Monetary Fund (IMF), Minister of Finance Mohamed Maait said on Saturday. 

The performance was outlined in detail in the Financial Monitor and Outlook for the World Economy Report for October 2020, issued last Thursday. The report reflected the positive results of Egypt's successful experience in economic reform, which remains highly praised by international institutions.

Maait said that the fruitful economic reforms launched by President Abdel Fattah Al-Sisi, and supported by the Egyptian people, gave the national economy the resilience it needed to face internal and external challenges.

He also said that this was evident in the flexible and rapid response to the global crisis. The state pursued a proactive policy of allocating 2% of gross domestic product (GDP) to support the sectors and groups most affected by the pandemic-caused economic downturn. This contributed significantly to mitigating the shock, whilst also supporting the national economy.