Egypt’s Minister of Finance Mohamed Maait has met with his Swiss counterpart Ueli Maurer to review the positive results of the Egyptian economic reform programme.
Maait met with Maurer and the Swiss minister’s accompanying delegation, which included a number of representatives of banks and insurance companies.
He said that the Egyptian state successfully and efficiently implemented the economic reform programme, which has been applauded by international financing and classification institutions.
Leading the praise has been the International Monetary Fund (IMF), which noted that the Egyptian economy has gained much flexibility in the face of the novel coronavirus (COVID-19) crisis.
Maait highlighted that the results of the Egyptian economy’s financial indicators were confirmed by the International Monetary Fund (IMF), following the recent review of the credit readiness programme.
The minister confirmed that these indicators exceeded expectations and targets, which illustrates the Egyptian Government’s strong performance relating to financial policies, reflected in the increasing confidence of foreign investors.
He praised the cooperation between the two sides in the areas of partnership with the private sector, public debt management, and the development of the state’s public financial management. He also expressed his aspiration to enhance ways of joint cooperation between the two countries.
Maait added that Egypt aims to reduce the total deficit in the budget for fiscal year (FY) 2020/21 to 6.7%, whilst raising the growth rate to 5.4%. The country also aims to achieve a primary surplus of 1.5%, adding that Egypt succeeded in managing the COVID-19 crisis with great professionalism.
This took place using a flexible proactive policy, to achieve the desired balance between preserving the health of citizens and continuing the cycle of the economy.
He pointed out that Egypt has been one of the first countries that succeeded in implementing the electronic invoice system. So far, more than 1,642 companies have joined the system, raising more than 18 million electronic documents.
For his part, Maurer praised the success of the economic reform programme, which had a positive impact on the Egyptian economy, and gave it the ability to face the repercussions of the pandemic.
The minister noted that his country had successfully addressed the effects of COVID-19 thanks to the strength of the state’s economy, stemming from linking the banking and insurance sectors.
Maurer said that his government seeks to enhance ways of cooperation with Egypt in various fields, including: green finance; modernising payment methods; developing capital markets; developing and modernising the tax and customs systems; information security; and data protection and analysis.
For their part, the representatives of banks and insurance companies accompanying Maurer affirmed their interest in the Egyptian market. They aim to benefit from promising economic opportunities, especially in light of Egypt’s large youth population.
Both Maait and Maurer agreed to commence dialogue during the coming period to enhance the various fields of joint cooperation relating to finance.
The Swiss minister invited Maait to visit the Swiss capital, Bern, to follow up on their discussions on various international financial issues and developments of common concern.