Egypt’s coronavirus (COVID-19) control strategy aims to balance between preserving citizens’ health and maintaining economic activity, the Minister of Planning and Economic Development said on Saturday.
Minister Hala El-Said added that the government’s proactive policies relied on a clear and thoughtful plan targeting all social groups and sectors to cushion the impact of the coronavirus pandemic.
“This is based on several pillars, on top of which is supporting the affected sectors by reducing financial burdens and providing liquidity and credit, including tourism, aviation, shipping, travel, and the medium, small and micro enterprises sector,” she explained.
Whilst, supporting regular and irregular employment, working to revitalize the economy by increasing incomes, increasing investments in priority sectors, and adopting incentive monetary and financial policies that include lowering interest rates, postponing and rescheduling debts for some sectors, El-Said added.
El-Said statements came during the Seventh Economic Conference of the Akhbar Al-Youm Foundation, which was held under the title “The Egyptian Economy: Achievements and Challenges in Light of the coronavirus Pandemic.”
El-Said stressed that the government’s implementation of many reforms through the first phase of the national program for economic and social reform since November 2016 has led to the achievement of macro stability and comprehensive growth, which was reflected in the positive indicators witnessed by the Egyptian economy during fiscal year 2019/20 and before the outbreak of the COVID-19 crisis.
The minister noted that the Egyptian economy has become more flexible and can absorb external economic shocks, including the increasing regional dangers and the coronavirus crisis, so international institutions have positive expectations regarding the Egyptian economy, which is the only economy in the region and among the few economies in the world that achieved positive growth rates in light of the pandemic. Egypt achieved a growth of 3.6% in the GDP, against the expectations of international institutions that Egypt would achieve a growth of only 2%. She added that the reform efforts and the diversification of the Egyptian economy contributed to this, despite the relative decline in some indicators due to the outbreak of the pandemic.
The minister asserted that the global health crisis has rearranged global priorities, and highlighted the importance of several areas that represent urgent priorities for most countries around the world. Foremost among these are the sectors of health care and social protection.
She said that the Egyptian state is keen to take into account the balance between protecting individuals and continuing economic activity, while dealing with the crisis. She noted that this was reflected in the government’s interest in social protection networks and job creation, through the expansion of the number of beneficiaries of the Takaful and Karama programme.
The state has also continued the implementation of the “Decent Life” and “Survival Boats” initiatives, as the most important tools to enhance the umbrella of social protection.
In this context, the state has increased public investment by 70%, and in a way that reflects the priorities imposed by the pandemic. The most important sectors to which allocated investments have increased are health and education, due to their being of the utmost importance to the Egyptian state.
The investments have been increased in recognition of health and education being the main tool for development, building human capabilities, and their position as the main entrance to social progress.
