Egypt’s Prime Minister Mostafa Madbouly said on Monday that the government managed to implement 100 percent of its economic reform program that started in 2016.
The economic reform program that required taking strict austerity measures secured a loan of 12 billion United States dollars from the International Monetary Fund.
The inflation rate dropped to 5.7 percent in 2020, the lowest in 14 years, and the government has controlled the prices of food commodities and increase the supply of strategic goods while applying the reform program measures, said Madbouly while addressing the new lower chamber of the parliament about the government’s policy program.
The unemployment rate declined to 7.3 percent in the first quarter of the fiscal year 2020-2021 that started in last July compared to 9.6 percent in the fourth quarter of the previous fiscal year, thanks to the measures taken by the government amid the COVID-19 spread, according to the prime minister.
Egypt has already achieved energy self-sufficiency with investments that exceeded 32 billion Egyptian pounds (about 2 billion dollars), and the total value of the state’s investment in research and development in the energy field was estimated at 11 billion dollars over the last two years, he said.
The poverty rate decreased for the first time in 20 years to 29.7 percent in 2019-2020, down from 32.5 percent in 2017-2018, he added.
Madbouly reiterated that Egypt’s economy was hailed by the international organizations for its successful containing of the repercussions of the pandemic.
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