economy
“Growth is projected to reach around 2.8 percent in FY20/21, and to rebound strongly to about 5 percent over the medium term, benefitting from the authorities’ continued commitment to reforms and renewed IMF support,” NBK foresaw in a report
The new move comes within the framework of the Egyptian state and the Ministry of Planning's efforts to support entrepreneurship and encourage youth to create job opportunities by themselves
The south-bound convoy included 37 ships with a total cargo of 2.8 million tons, while the north-bound convoy included 35 ships carrying 2.5 million tons, he added.
"Egypt is the only MENA country to have avoided a contraction in 2020. Still, high-frequency indicators."
The Ethiopian side has set conditions that their Egyptian counterpart should come to Ethiopia to negotiate this dispute, but the Egyptian side rejected due to the lack of guarantees.
The unemployment rate decreased to 7.3 percent in the first quarter of the current fiscal year, compared to 9.6 percent in the fourth quarter of 2019/2020.
Maait added that the strong political will and courage with the support of the great Egyptian people contributed to achieving this growth with economic reforms.
Some vital sectors such as tourism, hotels, and civil aviation were negatively affected by the virus.
“In terms of fiscal years, GDP growth is estimated at 3.5 percent for FY 2020, and for FY 2021, the forecast is 2.1 percent,” it stated.
The National Company for Iron and Steel is going through a horizontal split-up, a difficult step that was met with widespread criticism, prompting the Cabinet to explain the decision in a statement.
IMF expected the growth of the Egyptian economy by about 5.5 percent during the fiscal years 2021/2022 and 2022/2023.
"Total investments allocated for the communication sector within 2020/2021national budget mount to dlrs 10 bn, with a 300% increase," noted the minister.
The elaborate implementation of the economic reform program and dealing with a proactive methodology helped a lot in containing the repercussions of the coronavirus crisis, and mitigating the shock.
The agreements, worth about $1 billion, aiming to drill 17 new exploration wells, Molla said in statements Friday.
Director of the European Investment Bank Neighboring Countries Flavia Palanza said, the bank is proud to work with Banque Misr and hailed the partnership’s effect on the lives of people in Egypt, it said.
As for the new taxes law, he noted that the new law is meant to realize justice, expounding that the number of people exempted from taxes rose to 60 percent.
The minister made the remarks on Thursday while inspecting the complex and other vital fuel projects in Upper Egypt governorates.
Chinese Ambassador in Cairo Liao Liqiang has praised the economic achievements by Egypt that have contributed to reduce the negative impacts of the novel coronavirus.
The new exchange aims at shrinking the circle of commodity trading from the source to the consumer, and saving the transportation cost, which represents 30% of the total cost of goods.
"Egypt will offer full support to the Sudanese side to overcome all obstacles hindering flow of goods," the minister said.
