Foreign

Egypt manages to implement economic reform program: PM

Published

on

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.

(XINHUA)

NNN

NNN: :is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.com.ng

Equatorial Guinea leads regional gas monetization through Alen Backfill project Coronavirus – Nigeria: Community informants use mobile data collection tools to strengthen COVID-19 surveillance Central African Republic ‘highly unstable’ despite significant progress – UN peacekeeping chief Coronavirus – Eritrea: Ministry of Health announcement (February 24, 2021) Coronavirus – Ethiopia: COVID-19 update (February 24, 2021) Coronavirus – Malawi: COVID-19 update (February 24, 2021) FIFA President’s African visits continue Coronavirus – South Africa: COVID-19 update (February 24, 2021) Coronavirus – Eswatini: COVID-19 update (February 24, 2021) Coronavirus – Nigeria: COVID-19 update (February 24, 2021) Coronavirus – Uganda: COVID-19 update (February 24, 2021) Building greater sustainability, climate resilience in West Africa Local content at the top of Mozambique’s development agenda (By Charné Hundermark) Coronavirus – Rwanda: COVID-19 update (February 24, 2021) West African countries step up Ebola preparedness Angola’s 65-year oil history has been good for Angola despite some challenges (by Andres Vega) African football at a crucial stage with the polls of the African Football Confederation (CAF) looming Reunion for Campenaerts at the Belgian “Opening Weekend” Manchester United announces partnership with StarTimes to bring MUTV to Africa Hennessy Becomes First Global Spirits Partner of the NBA Canon launches EOS M50 Mark II as social content creation continues to soar Progress in women’s football highlighted at meetings in Morocco African Energy Chamber Investment Committee commits to facilitate multi-billion USD investments in 2021 for African energy projects Video press release: WHO Africa online press briefing on COVID-19 in Africa Coronavirus – Eswatini: COVID-19 update (February 23, 2021) Coronavirus – Ethiopia: COVID-19 update (February 23, 2021) Coronavirus – Nigeria: COVID-19 update (February 23, 2021) Coronavirus – Eritrea: Ministry of Health announcement (February 23, 2021) Raubenheimer satisfied with Bok Women’s progress Coronavirus – Malawi: COVID-19 update (February 23, 2021) The first doses of the AstraZeneca vaccine were delivered to Ghana via COVAX The Government of Pakistan and the International Islamic Trade Finance Corporation signed an annual financing plan amounting to US $ 1.1 billion Coronavirus – Uganda: COVID-19 update (February 23, 2021) NaturalShrimp Signs Letter of Intent to Acquire Aquaculture Assets from Hydrenesis Aquaculture, LLC Telecoming partners with Ounousa to enrich its mobile offering with entertainment content for women Zimbabwe’s First Lady congratulates Senator Dr Rasha Kelej on her nomination as African Woman of the Year 2020 Brooklyn’s Harden and Phoenix’s Paul Main Reserves for 2021 NBA All-Star Game SAP Young Professional program helps build a more collaborative digital workforce in East Africa National Refugees’ Commission donates food and non-food items to IDPs Coronavirus – Malawi: COVID-19 update (February 22, 2021) Coronavirus – Uganda: WHO supports Uganda to mitigate risks of COVID-19 transmission during election period Nigeria Petrol landing cost now N186 per liter Coronavirus – Gambia: COVID-19 update (February 22, 2021) Thousands of Ethiopians seek asylum in Sudan’s Blue Nile state Coronavirus – South Africa: COVID-19 update (February 22, 2021) Coronavirus – Nigeria: COVID-19 update (February 22, 2021) Coronavirus – Ethiopia: COVID-19 update (February 22, 2021) Coronavirus – Eswatini: COVID-19 update (February 22, 2021) Coronavirus – Eritrea: Ministry of Health announcement (February 22, 2021) Nigerian Ministry of Petroleum Resources delegation holds bilateral meeting with Equatorial Guinea Ministry of Mines and Hydrocarbons