Egypt Reaffirms Economic Reforms, Boosting Private Sector Role

Egyptian Finance Minister Mohamed Maait meets with Ivanna Vladkova Hollar, the IMF’s Mission Chief for Egypt (Asharq Al-Awsat)
Egyptian Finance Minister Mohamed Maait meets with Ivanna Vladkova Hollar, the IMF’s Mission Chief for Egypt (Asharq Al-Awsat)
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Egypt Reaffirms Economic Reforms, Boosting Private Sector Role

Egyptian Finance Minister Mohamed Maait meets with Ivanna Vladkova Hollar, the IMF’s Mission Chief for Egypt (Asharq Al-Awsat)
Egyptian Finance Minister Mohamed Maait meets with Ivanna Vladkova Hollar, the IMF’s Mission Chief for Egypt (Asharq Al-Awsat)

Egyptian Finance Minister Mohamed Maait has assured the International Monetary Fund (IMF) that Egypt is sticking to reforms to boost the private sector’s role in the economy.

Maait stated on Saturday that Egypt is working to attract more local and foreign investments, with the country's economy showing signs of improvement after recent reform efforts.

The finance minister had met with Ivanna Vladkova Hollar, the IMF’s Mission Chief for Egypt, on the sidelines of the IMF and World Bank Spring Meetings. The discussions focused on strengthening cooperation within the framework of Egypt's IMF-backed economic reform program.

Maait highlighted Egypt's improving economic situation following the implementation of comprehensive reforms.

He pointed to positive indicators over the past nine months, including an initial budget surplus of EGP416 billion (approximately $8.62 billion) – a stark contrast to the EGP50 billion (around $1.04 billion) surplus recorded in the same period last year. This represents an annual growth rate exceeding 8.5 times.

Despite facing challenges from global crises and rising interest rates, Egypt maintained stability in its total budget deficit, keeping it at 5.42% of GDP compared to 5.40% the previous year.

Maait emphasized that the government is focused on implementing fiscal policies to stimulate investment, production, exports, and economic stability.

These efforts aim to restore the national economy while maintaining financial discipline and reducing budget deficits and debt-to-GDP ratios to relieve pressure on public finances and build financial reserves.

Rania Al-Mashat, Egypt’s Minister of International Cooperation and Governor at the World Bank Group, acknowledged the widespread impact of global challenges, including the COVID-19 pandemic, geopolitical tensions, supply chain disruptions, and rising prices.

These factors have disproportionately affected developing and emerging economies, leading to capital flight and declining foreign direct investment.

Al-Mashat highlighted Egypt’s extensive development financing portfolio, currently valued at approximately $26 billion.

Over the past four years (2020-2023), the country secured $37 billion in financing from development partners, with $10.3 billion specifically directed towards the private sector.



GACA Authorizes ITA Airlines to Operate Regular Flights Between Saudi Arabia and Italy

GACA Authorizes ITA Airlines to Operate Regular Flights Between Saudi Arabia and Italy
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GACA Authorizes ITA Airlines to Operate Regular Flights Between Saudi Arabia and Italy

GACA Authorizes ITA Airlines to Operate Regular Flights Between Saudi Arabia and Italy

Saudi Arabia’s General Authority of Civil Aviation (GACA) announced on Tuesday that Italian Airlines (ITA) will begin regular passenger flights between the Kingdom and Italy.

The flights will operate from Rome to Riyadh during the summer season of 2024, with five flights per week starting from June 2.

This initiative is part of GACA's efforts to improve air connectivity and link the Kingdom to the global network, which aligns with the objectives of Saudi Vision 2030.

The goal is not just to establish the Kingdom as a global logistics hub, but also to open up a world of travel opportunities, expanding horizons in alignment with the National Aviation Strategy.