This Content Is Only For Subscribers
CAIRO: Egypt has begun its economic transition through broad changes aimed at promoting long-term, inclusive, and environmentally friendly prosperity, economic analysts in the North African nation believe. Writing for Egyptian media, they say that the country is creating funding programs that drive ahead through strategic international alliances, economic and structural changes that support private-led inclusive growth through effective discussion, transparency, and collaboration at the level of the Ministry of International Cooperation.
These analysts believe that the new administrative enterprise for Cairo aims to reduce traffic congestion in one of the world’s most populous cities. It will be connected to Better Cairo project through a monorail. It remains to be seen if Egypt’s financial reality can keep up with its vast ambition.
Egypt’s private sector has been impeded from taking on a greater job in the economy regardless of forceful macroeconomic changes throughout the most recent four years, and government help is required, the World Bank wrote in its report.
According to the IMF, high banking system liquidity and robust reserve levels aided Egypt’s recovery from the epidemic. In the early months of the crisis, the government received $8.5 billion in IMF financial aid, with another $2.8 billion due by the end of the year.
The IMF director of the Middle East and Central Asia Department Jihad Azour, had said in October that what was very important for Egypt for going forward was structural reforms that would allow Egypt to create jobs.
He had further said that those jobs could only be created by the private sector. And for this to happen Egypt needed to increase productivity, access to market, access to talent, access to finance, and an increase in investment.