International Monetary: The economic reform program enhanced Egypt’s chances of success in facing Corona

Today, Wednesday, the International Monetary Fund praised the successes achieved by the Egyptian economic reform program; Empowered Egypt to face the effects of the Corona pandemic.

Gita Gopinath, the economic advisor and director of the research department at the Fund – in her speech during a seminar hosted by the American University in Cairo remotely via the Internet – said that the national reform program implemented by Egypt since November 2016 has succeeded in enhancing financial and monetary stability as well as building a strong cover of foreign exchange reserves. .

She added that the program strengthened the macroeconomic strength in Egypt, which created sufficient space for the government to act quickly and efficiently when the Corona crisis appeared.

She added that the availability of financial space for Egypt to act in light of the (Covid-19) pandemic that has struck the world since March 2020, has reduced the negative social and economic impacts resulting from it.

The chief economist of the IMF pointed out that the previous program and the current program between Egypt and the IMF carry basic messages, namely, improving inclusive economic growth, expanding the umbrella of social protection, increasing the role of the private sector, creating job opportunities, and enhancing transparency, competitiveness and governance.

In turn, Dr. Sherif Kamel, Dean of the College of Business Administration at the American University, said that the diversification of income fields for the Egyptian economy represented an advantage during the “Covid-19” crisis.

He also praised the Egyptian economic reform program that was implemented between 2016 and 2019 in cooperation with the International Monetary Fund and the gains it achieved, as well as the new program that began in the middle of last year.

He pointed out that the whole world is going through a learning phase with the development of events as countries adjust their policies to deal with the current crisis as soon as new factors emerge.

Kamel explained that the “new reality” – as he called it – becomes easier as the crisis continues, stressing the importance of supporting development and digital transformation that has proven effective while being keen on developing skills among young people to deal with the new requirements of the modern labor market in terms of the ability to deal with machines and not People replaced by machine only.

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