Egyptian economy to experience near-term growth: UN official

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Tue, 17 Apr 2018 - 01:28 GMT

United Nations Resident Coordinator and UNDP Resident Representative in Egypt - Official Twitter account

United Nations Resident Coordinator and UNDP Resident Representative in Egypt - Official Twitter account

CAIRO – 17 April 2018: United Nations Resident Coordinator in the Arab Republic of Egypt Richard Dictus stated that the Egyptian economy is projected to maintain a near-term momentum in a year and half due to the latest economic measures taken by the Egyptian government.

During his interview with Al-Watan Newspaper, the UN official stated that the implementation of the recent economic reforms in Egypt will subsequently promote development, reduce poverty and unemployment rates, heralding the government’s agreement with the International Monetary Fund (IMF) as “an inevitable long-term option” to set the economy on a recovery trajectory.

Since the economic measures have led to noticeable commodities price hikes, the Egyptian government has simultaneously launched a series of social programs to alleviate it, he added. Dictus emphasized the importance of currency stabilization as a positive sign of a healthy economy, asserting its role in fostering a better and more reliable investment environment.

On Tourism, Dictus sees that the Egyptian tourism industry has seen a significant improvement, and is expected to experience a boom similar to that of the pre-2011 period.

There is a constant collaboration between the UN and Egypt in countering illegal immigration. “Egypt is one of the largest contributors to peacekeeping operations in several African countries, with approximately 30,000 military personnel,” Dictus concluded.

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