☑𝘔𝘪𝘯𝘪𝘴𝘵𝘳𝘺 𝘰𝘧 𝘐𝘯𝘵𝘦𝘳𝘯𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘊𝘰𝘰𝘱𝘦𝘳𝘢𝘵𝘪𝘰𝘯 𝘢𝘯𝘥 𝘵𝘩𝘦 𝘞𝘰𝘳𝘭𝘥 𝘉𝘢𝘯𝘬 𝘎𝘳𝘰𝘶𝘱 𝘳𝘦𝘭𝘦𝘢𝘴𝘦 𝘢 𝘯𝘦𝘸 𝘌𝘤𝘰𝘯𝘰𝘮𝘪𝘤 𝘳𝘦𝘱𝘰𝘳𝘵 𝘵𝘪𝘵𝘭𝘦𝘥: ‘𝘌𝘤𝘰𝘯𝘰𝘮𝘪𝘤 𝘔𝘰𝘯𝘪𝘵𝘰𝘳 𝘙𝘦𝘱𝘰𝘳𝘵: 𝘍𝘳𝘰𝘮 𝘊𝘳𝘪𝘴𝘪𝘴 𝘵𝘰 𝘌𝘤𝘰𝘯𝘰𝘮𝘪𝘤 𝘛𝘳𝘢𝘯𝘴𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯’.
☑𝘔𝘪𝘯𝘪𝘴𝘵𝘦𝘳 𝘰𝘧 𝘐𝘯𝘵𝘦𝘳𝘯𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘊𝘰𝘰𝘱𝘦𝘳𝘢𝘵𝘪𝘰𝘯, 𝘏.𝘌. 𝘋𝘳. 𝘙𝘢𝘯𝘪𝘢 𝘈𝘭-𝘔𝘢𝘴𝘩𝘢𝘵, 𝘢𝘧𝘧𝘪𝘳𝘮𝘦𝘥 𝘵𝘩𝘢𝘵 𝘵𝘩𝘦 𝘳𝘦𝘱𝘰𝘳𝘵 𝘳𝘦𝘧𝘭𝘦𝘤𝘵𝘴 𝘌𝘨𝘺𝘱𝘵’𝘴 𝘴𝘵𝘰𝘳𝘺 𝘰𝘧 𝘳𝘦𝘴𝘪𝘭𝘪𝘦𝘯𝘤𝘦 𝘵𝘩𝘢𝘵 𝘩𝘢𝘴 𝘣𝘦𝘦𝘯 𝘴𝘪𝘯𝘨𝘭𝘦𝘥 𝘰𝘶𝘵 𝘰𝘯 𝘵𝘩𝘦 𝘨𝘭𝘰𝘣𝘢𝘭 𝘴𝘵𝘢𝘨𝘦.
☑𝘔𝘢𝘳𝘪𝘯𝘢 𝘞𝘦𝘴, 𝘞𝘰𝘳𝘭𝘥 𝘉𝘢𝘯𝘬 𝘊𝘰𝘶𝘯𝘵𝘳𝘺 𝘋𝘪𝘳𝘦𝘤𝘵𝘰𝘳 𝘧𝘰𝘳 𝘌𝘨𝘺𝘱𝘵, 𝘴𝘵𝘢𝘵𝘦𝘴 𝘵𝘩𝘢𝘵 𝘌𝘨𝘺𝘱𝘵 𝘮𝘢𝘯𝘢𝘨𝘦𝘥 𝘵𝘰 𝘮𝘢𝘪𝘯𝘵𝘢𝘪𝘯 𝘢 𝘴𝘰𝘭𝘪𝘥 𝘮𝘢𝘤𝘳𝘰𝘦𝘤𝘰𝘯𝘰𝘮𝘪𝘤 𝘱𝘦𝘳𝘧𝘰𝘳𝘮𝘢𝘯𝘤𝘦 𝘪𝘯 2020 𝘥𝘶𝘦 𝘵𝘰 𝘣𝘰𝘭𝘥 𝘳𝘦𝘧𝘰𝘳𝘮𝘴 𝘪𝘯 𝘵𝘩𝘦 𝘱𝘢𝘴𝘵 𝘧𝘦𝘸 𝘺𝘦𝘢𝘳𝘴.
CAIRO - 10 November 2020: Egypt’s Ministry of International Cooperation and the World Bank Group released today a new Economic report titled: ‘Economic Monitor Report: From Crisis to Economic Transformation, Unleashing Egypt's Potential in Productivity and Job creation’ in the presence of H.E. Dr. Tarek Shawki, Minister of Education and Technical Education.
The report outlines the economic transformation process in Egypt with a focus on the critical topic of job creation, and how the emergency measures undertaken by authorities in response to the COVID-19 crisis are helping Egypt weather the shock.
Before the COVID-19 pandemic, the report states that the Egyptian economy was characterized by a largely stable macroeconomic environment, owing to bold fiscal, monetary, and energy sector reforms that helped it build buffers in its fiscal and external accounts.
Key reforms that helped push forward the economic transformation include energy sector reforms, easing of monetary policy and fiscal consolidation measures that focused on the streamlining of energy subsidies, containment of the wage bill, and the shift from a sales tax to a modern Value-Added Tax; reflecting positively on Egypt’s business environment.
The report highlighted that the primary budget balance switched into a surplus, and that the overall budget deficit- and government debt-to-GDP ratios declined to 8.1 percent and 90.2 percent in FY2018/19, compared to 10.9 percent and 108.0 percent respectively only two years earlier.
Going forward, the report proposes approaches to unlock Egypt’s productivity and job creation potential, particularly as the private sector gradually assumed a larger share over the past fifteen years through: sustaining macroeconomic stability and overall policy predictability, create an enabling environment to attract opportunities for domestic and foreign investments in order to enhance within-sector productivity growth and to support the movement of workers into higher value activities and sectors, and upgrading human capital and firm capabilities through investing in education, vocational and on-the-job training, as well as adopting quality standards in production and service delivery.
𝗘𝗴𝘆𝗽𝘁’𝘀 𝗦𝘁𝗼𝗿𝘆 𝗼𝗳 𝗥𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝗰𝗲 𝗦𝗶𝗻𝗴𝗹𝗲𝗱 𝗼𝘂𝘁 𝗼𝗻 𝘁𝗵𝗲 𝗚𝗹𝗼𝗯𝗮𝗹 𝗦𝘁𝗮𝗴𝗲
Minister of International Cooperation, H.E. Dr. Rania Al-Mashat, affirmed that the report reflects Egypt’s story of resilience that has been singled out on the global stage through several international reports, such as the Global Economic Prospects issued earlier by the World Bank, as well as the European Bank for Reconstruction Report, which highlighted that Egypt is the only economy across the region likely to escape recession in the 2020 calendar year, and the only country with positive rates of 2%in 2020 and expectations in 2021 of 5%.
In its efforts to promote effective development cooperation and ensure the optimal contribution of development cooperation projects to the UN Sustainable Development Goals (SDGs), the Ministry of International Cooperation conducted a comprehensive mapping exercise of all current effective projects to identify their alignment with relevant SDGs.
𝗘𝗴𝘆𝗽𝘁 𝗮𝗻𝗱 𝗪𝗼𝗿𝗹𝗱 𝗕𝗮𝗻𝗸 𝗣𝗮𝗿𝘁𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝗳𝗼𝗿 𝗦𝘂𝗽𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝗔 𝗥𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝘁 𝗘𝗰𝗼𝗻𝗼𝗺𝘆
Al-Mashat referred to the longstanding cooperation with the World Bank Group to support a resilient economy.
The strategic partnership helps push forward the SDG agenda in line with Egypt’s vision 2030 through a diversified country engagement program with People at the Core, Projects in Action, and Purpose as the Driver.
During 2020, Egypt signed with the World Bank Group a total of four agreements in sectors of health, social solidarity and environment worth $1.15 billion.
Al-Mashat said that the Ministry has been committed to chart the course for ODA SDG financing as as the world enters into a “decade of action and delivery,” redesigning development finance to be dedicated towards sustainable development and collectively achieve the National 2030 Agenda.
H.E. Dr. Tareq Shawki reviewed Egypt’s journey in developing the education system, which aims to move away from the superficial approach to understanding and indoctrination to the development of important skills, problem solving and creativity.
Since its launch in 2017, the new education system now reaches over 8 million Egyptian students, and more than 630,000 teachers have been trained and qualified for the new education system. Over the past two years, over 4.10 million exams were done digitally.
For her part, Marina Wes, World Bank Country Director for Egypt, stated that, “despite the challenges presented by Covid-19, Egypt managed to maintain a solid macroeconomic performance in 2020 on the back of bold fiscal, monetary and energy sector reforms in previous years.”
“The current COVID-19 crisis can be an opportunity to accelerate the implementation of reforms to address long-standing constraints on private sector activity and job-creation with a focus on building human capital, enabling private sector investment, job creation and social inclusion,” she added.
The total current portfolio of bilateral cooperation between Egypt and the World Bank totals about $5.38 billion in housing, sanitation, social solidarity, transportation, health, education, local development, petroleum, small enterprises and the environment.