Egypt’s President Abdel-Fattah El-Sisi attributed on Monday the success of the economic reform programme to the awareness of the Egyptian people.
In a meeting with the Council of Governors of the Arab Central Banks and Monetary Authorities, El-Sisi praised the success of Egypt in carrying out economic reforms, backed by a strong political will and great support by the Egyptian people, according to the Egyptian presidency.
President El-Sisi extended his gratitude to the Egyptian people for their strong will to endure the burden of the economic reforms, saying that the government was keen on implementing development projects in all fields.
According to the presidency’s statement, El-Sisi said Egypt’s economic reforms were parallel to the state’s efforts to eradicate terrorism and restore security and stability.
Since 2016, the government has adopted a series of economic reforms as part of its agreement with the International Monetary Fund to receive a $12 billion loan package over three years.
The economic reforms included increasing public revenues, floating the national currency, and cutting costly state subsidies.
The president praised the vital role played by the governors of Arab central banks in achieving economic integration and developing money markets in the Arab countries, Presidential Spokesman Bassam Rady said.
He also lauded steps taken by the Arab Monetary Fund in support of Egypt to carry out the economic reform programme.
The governors said Egypt had played a vital role in overcoming challenges in the Arab region and the Middle East over the past years.
The economic reforms contributed to raising the country’s growth rates and reducing the budget deficit, unemployment and inflation, they said.
The meeting tackled efforts to achieve financial stability in Egypt through the periodic follow-up of the performance of the Egyptian capital market, the spokesman noted.