Egypt enjoys diversified economy, re-directs priorities amid Ukraine-Russia crisis: Minister

CAIRO – 16 May 2022: Egypt is experiencing exceptional circumstances, like world countries, as the developments of the Russian-Ukrainian war had a high impact on inflation and the rise in prices of goods and services.

Although the world began a state of partial recovery after the Corona pandemic outbreak, the Russian-Ukraine crisis came to have severe consequences on the global economies.

In a telephone interview with “Al-Hekaya” TV show, Minister Hala Al-Saeed said that “Egypt is part of the world, and therefore the rise in prices at the global level affects the Egyptian state.”

"Egypt has paid attention to investments in infrastructure, road networks, bridges and all fields, due to the importance of investments and the participation of the private sector in the country,” she added.

She continued, “we are re-directing priorities, and Egypt enjoys a diversified economy, and we have a number of sectors that have a great weight in the economy, and therefore we concentrate in these stages with sectors such as agricultural, communications, information technology and other important sectors.”

“Egypt needs skills, youth who have technical skills, and all the expansions that take place in technological universities established by the state are of great importance,” she explained.

She further said that there is a state of extreme uncertainty due to global shocks, ensuring that Egypt is developing scenarios and considers them every two months to follow up on the results of global crises.

Due to these developments, President Abdel-Fattah El-Sisi directed the provision of a large and safe reserves of commodities, and there are commodities that cover the state for a period of 24 months.

Speaking about Egypt’s foreign debt, she said that most of it are long-term debts, and that there is a committee to follow up on all loans.