Egyptian economy has flexibility to face shocks: Min.

CAIRO – 29 November 2018: The Egyptian economy has the flexibility to face the shocks caused by the increase in global prices of oil, rising interest rates and the economic crises in the emerging markets, Minister of Finance Mohamed Ma’it said.

Ma’it affirmed that Egypt will achieve the targeted economic growth rate of fiscal year 2018/2019, which is 5.8 percent.

This came during his speech at a seminar about the Egyptian economy, held by British Egyptian Business Association (BEBA) in London.

He added that the Egyptian government succeeded in achieving positive macroeconomic indicators as a result of the implementation of the economic reform program, stressing that the Ministry of Finance will reduce the state budget's deficit, where the first surplus was achieved for the first time in decades.

The minister of finance pointed out that the investment and business environment in Egypt has become paved to attract foreign direct investment, which is reflected in employment opportunities and growth.

Ma’it stressed that he is not concerned about the rising inflation which comes as a result of the liberalization of the exchange rate two years ago and the increase in oil prices a few months ago, clarifying that it will decrease in the coming months to less than 10 percent.

He added that the ministry will work to reduce the rate of public debt through initiatives reducing public debt to less than 90 percent in proportion to GDP.

BEBA organized a knock door mission to UK from November 27 to 30 to support the economic relationship between both countries and to promote investment opportunities in Egypt.

Minister of Finance Ma’it and about 50 Egyptian companies participate in the mission to support the economic relations between Cairo and London and review the achieved progress in the Egyptian economic indicators and the investment opportunities in the state.

Trade exchange between Egypt, Britain reaches $1.3B: BEBA

CAIRO - 28 November 2018: Trade exchange between Egypt and Britain recorded about $1.3 billion, according to Board Member of British Egyptian Business Association (BEBA) Khaled Zaki. Zaki said that the association is working on increasing the volume of trade exchange and boosting the economic and trade relationship between both countries.