Gov't targets supporting growth path, cutting inflation in coming phase

CAIRO - 20 October 2019: Finance Minister Mohamed Ma'it has said the government's economic reforms during the coming phase will focus on enhancing institutional framework, supporting the current growth path, reducing the public debt and cutting inflation rates to single digits.

Delivering a speech at the G20 finance ministers' meeting in Washington, Ma'it added that the government adopted a new package of incentives to increase exports, and developed a dynamic system for industrial lands, in addition to introducing a simplified and attractive taxation regime to back small and medium-sized enterprises.

The government will also work on automating all public services, besides enhancing human development and social protection, through raising spending on the sectors of health and education and honing the skills of workforce, especially young people and women, he noted.

Ma'it stressed that the government will proceed with the economic reform program to increase the competitiveness of the country's economy, with focusing on the sectors of manufacturing and exports and giving more investment opportunities to the private sector.

He stressed the pivotal role played by the private sector in bolstering the economic growth, citing the recent legislative reforms taken by the government to create a conducive business environment.

He underlined that the economic reform program bore fruit, as the country's economy saw a growth rate of 5.6% in the past fiscal year.

He predicted that the national economy will register a growth rate of 6% in the fiscal year 2019/20, especially in light of an expected increase in private consumption and the private sector's investments, in addition to the significant recovery of tourism sector and the operation of the newly-discovered gas fields.