Maait: Egypt achieves highest growth rate since 2008

Finance Minister Mohamed Maait said on Monday Egypt recorded the highest growth rate since 2008 at 6.6% of GDP by the end of the past fiscal year, compared to a global average of 3.2% for emerging economies.

 

Speaking during a press conference, Maait expressed his astonishment at the attempts by some people to hold the state responsible for the negative ramifications of the world’s current economic crisis.

 

Maait noted that the unemployment rate fell to 7.2% in June 2022, creating 826,000 jobs, mentioning that the budget deficit decreased from 13% in the fiscal year 2012-2013 to 6.1% of GDP in the last fiscal year, making the budget deficit rate, for the first time in years, lower than the average of emerging countries.

 

Maait pointed out that Egypt achieved a primary surplus for the fifth year in a row, at a value of EGP 100 billion, at a rate of 1.3% of GDP, making the country one of the few emerging economies that achieved a primary surplus in the last fiscal year 2021-2022.

 

According to the minister, the state budget revenues increased by 19.6%, compared to an annual growth rate of 14.8% for expenditures, and tax revenues up by 18.7%.

 

The debt-to-GDP ratio decreased from 103% in June 2017 to 87.2% in June 2022, compared to a global government debt ratio of 99% of global GDP, the minister said, noting the debt ratio also decreased by 15.6% of GDP during the period from 2016 to 2022 compared to an increase of 19.5% in emerging countries.

 

Egypt seeks to reduce the debt-to-GDP ratio to 75% by 2026, he underlined.

 

He also pointed out the size of the Egyptian economy has tripled during the past six years, at rates that exceed government indebtedness, a matter which reflects the government’s success in directing development funds to real investments that improved the infrastructure with unprecedented rates.

 

Egypt’s petroleum exports achieved $13 billion, with a $4 billion surplus, during the period from July to March of the last fiscal year, while the non-petroleum exports amounted to $19.4 billion, with an annual growth of 33%, remittances from Egyptians abroad ($32.3 billion), and Suez Canal ($7 billion).

 

The government aims to increase the percentage of the private sector’s contributions to the total implemented investments to 65% and attract foreign direct investments of $10 billion annually over the next four years.

 

Maait pointed to the increase in the subsidy of food commodities by about 17% during the last fiscal year to reach EGP 97 billion, and the value of pensions by about 70% during the period from 2018 to 2022, from which 10.5 million citizens benefit.

 

He also said the spending on salaries increased to reach EGP 400 billion in the current fiscal year’s budget.

 

As of next September, families benefiting from cash support will be increased to 5 million families (about 20 million citizens), at a total cost of EGP 25 billion, he added.

 

 

 

 

Source: State Information Service Egypt

Egypt, Japan probe means of bolstering relations

Head of the Senate’s Economic and Financial Affairs Committee Hani Sarie-El-Din and Japanese Ambassador to Egypt Oka Hiroshi probed on Monday means of bolstering relations between the two countries.

 

Sarie-El-Din expressed the appreciation of Egypt’s government and people of the progress achieved in cooperation with Japan in many areas, including infrastructure projects, education and culture.

 

He stressed the keenness of the Senate’s Economic and Financial Affairs Committee to support all efforts that help to develop bilateral cooperation, most particularly in the fields of industry and manufacturing production components.

 

For his part, the Japanese ambassador hailed the strong relationship between his country and Egypt, emphasizing his aspiration to further promote parliamentary, economic, cultural and tourism cooperation.

 

He pointed out that direct Japanese investments in Egypt in 2021 increased seven fold from 2020, referring to the concrete improvement in the efforts exerted by the Egyptian government to ameliorate the investment climate in the country.

 

 

 

 

 

 

Source: State Information Service Egypt

Egypt provide all forms of support to Madagascar

Egypt stands fully ready to provide all forms of support to Madagascar as per directives issued by President Abdel Fattah El Sisi, affirmed Agriculture and Land Reclamation Minister El Sayed el Qusair.

 

During his meeting with Madagascar’s Minister of Water and Sanitation Ravokatra Fidiniavo Monday, Qusair added that Egypt is also ready to contribute to drawing up a national strategy for agriculture in Madagascar and build the capacities of agricultural workers.

 

The minister also reviewed the unprecedented progress in Egypt’s agriculture sector over the past eight years.

 

Highlighting the close ties binding Egypt and Madagascar, the minister also pointed out to President Sisi’s directives to provide all the necessary support to the African countries.

 

The minister, meanwhile, pointed out to the mega projects which are currently being implemented in Egypt in order to finding alternative water sources to reclaim new lands.

 

He further referred to the canal lining project and the project on applying modern irrigation technique, which are funded by the banking system without any interest for 10 years.

 

Egypt has established a wastewater treatment plant in Mahsama and Bahr al Baqar, he added, noting that efforts are underway to reclaim more than 3 million feddans.

 

All these projects, which cost billion of pounds, mainly aim to attain food security for the citizens, he further said.

 

On his part, the Madagascar’s minister voiced keenness on benefiting from Egypt’s successful experiment in the agriculture sphere.

 

Most of Madagascar’s population are employed in agriculture and hunting, but with adopting traditional ways, he added.

 

At the end of the meeting, the two ministers agreed to train a host of Madagascar’s people at Luxor Coordination Center in cooperation with the World Food Programme (WFP).

 

 

 

 

Source: State Information Service Egypt

Sports Min. receives Handball team

Minister of Youth and Sports Ashraf Sobhi received on Monday Egypt’s national U-20 handball team upon arrival at Cairo Airport from Rwanda after copping the title of the 29th edition of the African championship.

The national team beat Algeria (35-15) in the final match.

He congratulated the team for this great achievement, stressing that Egypt has a promising generation of handball players.

He accentuated continued support for the handball federation and players.

 

 

 

 

Source: State Information Service Egypt

Emigration, sports ministries fight illegal immigration

State Minister for Emigration and Expatriates Affairs Soha Gendi agreed with Youth and Sports Minister Ashraf Sobhi on forming a joint committee to boost bilateral cooperation regarding the “Lifeboats” presidential initiative, which aims at raising public awareness of the danger of illegal immigration.

This came during the two ministers’ meeting with officials at the two ministries to discuss a number of files in the coming period, the Emigration Ministry said in a statement on Monday.

The meeting also took up prospects of future cooperation, relevant issues and the development of cooperation mechanisms in the areas of combating illegal immigration and the “Lifeboats” initiative, read the statement.

The two sides also mulled bilateral cooperation in organizing youth forums for the second and third generations of Egyptian expats and building on the previous cooperation that serves youth living abroad and youth in villages exporting illegal immigration, along with developing awareness and education programs in this regard, the statement added.

Gendi said that they discussed sports initiatives, activities and programs, targeting the youth of villages exporting illegal immigration.

She further stressed the importance of the role of sports in reintegrating young people into society and thus contributing to the elimination of cross-border crimes and the phenomenon of illegal immigration.

For his part, the youth and sports minister asserted that his ministry would continue fruitful cooperation with the Emigration Ministry and work on implementing joint programs and projects in accordance with the memorandum of understanding signed by the two parties.

 

 

Source: State Information Service Egypt

Emigration, IT ministers discuss joint cooperation

State Minister for Emigration and Egyptian Expatriates’ Affairs Soha Gendi discussed Monday with Communications and IT Minister Amr Talaat bilateral cooperation between the two ministries with the aim of upgrading the technological infrastructure and fully embracing digital transformation at the Emigration Ministry.

 

The move would contribute to enhancing communication with the Egyptian expatriates and linking them to the homeland.

 

The meeting tackled means of forming a committee to probe ways of launching a cooperation protocol to enhance cooperation in many important files, Gendi said in a statement issued on Monday.

 

The upcoming phase would witness coordination and fruitful cooperation between the two ministries at the various levels, topped by launching an electronic application that will allow the expatriates to better connect with their homeland, she further said.

 

The application, which is on the top of discussions with the various national institutions, will also act as a platform to promote investment opportunities for Egyptians abroad, added the minister.

 

The meeting also discussed how the Egyptian expatriates’ would benefit from the digital services offered by the State in order to issue their official documents with ease, said the minister.

 

For his part, Talaat shed light on the role played by the Egyptian expatriates in serving their homeland at all levels.

 

The Communications and IT Ministry and its affiliated bodies are exerting tireless efforts to ensure that the Egyptian expatriates benefit from the advanced technologies, which the ministry is keen to adopt, he added.

 

The minister, meanwhile, pointed out to the possibility of providing mechanisms which allow the Egyptian expatriates to benefit from Digital Egypt platform, which provides citizens with easier access to government services.

 

Talaat further said that his ministry stands fully ready to cooperate with the Emigration Ministry in order to boost its mechanisms to easily communicate with the Egyptian expatriates and provide all the necessary support for innovative ideas.

 

 

 

 

Source: State Information Service Egypt

Shoukry, his Gabonese counterpart discuss int’l issues

Foreign Minister Sameh Shoukry held talks Monday with Gabonese Foreign Minister Michael Moussa Adam as part of his current visit to Libreville.

 

Spokesman for the Foreign Ministry Ahmed Hafez tweeted that “As part of his current visit to Libreville..Foreign Minister Sameh Shoukry meets Gabonese Foreign Minister Michael Moussa Adam to consult and exchange viewpoints on different continental and international issues of priority.”

 

Shoukry, who is also the President Designate of the 27th session of the UN Climate Change Conference (COP27), is taking part in Climate Week 2022 (ACW), which is currently being held in Gabon.

 

This year’s ACW, which will run until September 2, is a crucial step on the road to COP27 that Egypt will host in November in Sharm El-Sheikh, according to the United Nations Framework Convention on Climate Change (UNFCCC) website.

 

 

 

 

 

 

Source: State Information Service Egypt

US dollar exchange rate stable at major banks in Egypt

The US dollar exchange rate remained stable at beginning of Monday transactions in Egypt’s major banks.

At the National Bank of Egypt (NBE) and Banque Misr, the dollar rate registered EGP 19.14 for buying and EGP 19.20 for selling.

At the Commercial International Bank (CIB), the dollar rate recorded EGP 19.16 for buying and EGP 19.22 for selling.

At the Egyptian Gulf Bank (EG Bank), the dollar rate recorded EGP 19.19 for buying and EGP 19.22 for selling.

At the Arab African International Bank, the dollar rate recorded EGP 19.12 for buying and EGP 19.22 for selling.

At the Suez Canal Bank, the dollar rate recorded EGP 19.12 for buying and EGP 19.22 for selling.

According to the Central Bank of Egypt (CBE), the average dollar rate at the Egyptian market registered EGP 19.13 for buying and EGP 19.23 for selling.

The euro price registered EGP 18.97 for buying and EGP 19.14 for selling at Banque Misr and the NBE.

At the CIB, the euro price registered EGP 18.99 for buying and EGP 19.16 for selling.

According to the CBE, the average euro rate at the Egyptian market registered EGP 19.05 for buying and EGP 19.17 for selling.

The pound sterling at the NBE and Banque Misr registered EGP 22.29 for buying and EGP 22.46 for selling.

At the CIB, the pound sterling registered EGP 22.31 for buying and EGP 22.58 for selling.

According to the CBE, the average pound sterling rate at the Egyptian market registered EGP 22.47 for buying and EGP 22.60 for selling.

The Saudi riyal price stood at EGP 5.08 for buying and EGP 5.11 for selling at the NBE.

 

 

 

Source: State Information Service Egypt