Egypt’s Minister of Planning and Economic Development Hala El-Said has said that the country’s fiscal year (FY) 2021/22 investment plan is exceptional, as a result of the novel coronavirus (COVID-19) pandemic.
El-Said also said that Egypt has already witnessed several crises that reflected on its economic performance, with FY 2014/15 and FY 2015/16 witnessing institutional reconstruction.
The minister pointed out that the Egyptian state adopted the National Programme for Economic and Social Reform, which resulted in an escalation of economic growth rates to 5.6% in FY 2018/19 and during the first half (H1) of FY 2019/20.
El-Said’s remarks came during her attendance at the Senate’s plenary session, on Monday, headed by President of the Senate Counsellor Abdel Wahab Abdel Razek, in the presence of the Senate members.
The minister added that the crisis caused by the pandemic had an impact on the general framework for the FY 2021/22 investment plan. The crisis defined the plan’s sections and targets, with the plan beginning with an overview of the contemporary global economic developments in light of the pandemic.
El-Said explained that the optimistic expectations of international financial institutions, such as the International Monetary Fund (IMF), have provided reassurances for emerging and developing economies, despite the severity of the crisis.
The minister indicated that the medium-term plan came to target a growth rate of 6.4% in FY 2020/21, and 6.8% in FY 2021/22.
She stressed that despite the spread of COVID-19, its repercussions on Egypt were limited, with the country’s growth rate of 3.6% throughout FY 19/2020 is a major achievement.
El-Said also reviewed the development framework, the main objectives of the FY 2021/22 plan, and its main pillars.
Foremost of these objectives is the commitment to implement the presidential mandates, in line with the goals of Egypt’s Vision 2030.
It also aims to fulfil the constitutional entitlements to public spending allocations on the axes of human development, while continuing efforts to contain the COVID-19 pandemic, and to address its economic and social implications.
All this is within a general framework of completing the implementation of the national programme for economic and social reform, and supporting low-income social groups, especially those most affected by the pandemic.