H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, received the International Monetary Fund (IMF) Mission visiting Egypt within the framework of the implementation of the 5th and 6th reviews of the Economic Reform Program. The meeting included a presentation on the most prominent developments in economic and structural reforms and the growth model under “Egypt’s Narrative for Economic Development,” in addition to the growth rates achieved during the first quarter of the current year, and the State’s efforts regarding private-sector empowerment and strengthening public investment governance. The meeting was attended by a number of senior officials of the Ministry.
During the meeting, H.E.Dr. Rania Al-Mashat reviewed the developments in GDP growth announced by the Ministry of Planning, Economic Development, and International Cooperation for the first quarter of the current fiscal year, which reached 5.3%, exceeding expectations explaining that the most important feature of this growth is the continued improvement in industrial production and the increase in growth rates of several industries such as vehicles, textiles, and ready-made garments—reflecting the State’s shift toward high-productivity, tradable sectors.
The Minister of Planning, Economic Development, and International Cooperation also pointed out that, for the first time, the “Quarterly GDP Note” issued by the Ministry includes the structural reforms implemented during the period, which were reflected in positive developments in the economy, thereby reinforcing the principles of transparency and governance in presenting economic reform indicators.
H.E. added that with the continued pace of economic and structural reforms, we expect the Egyptian economy to achieve growth of at least 5% by the end of the current fiscal year. She also presented the Public Investment Governance Report for last fiscal year, which is a fundamental pillar for maintaining macroeconomic stability and enhancing the efficiency of resource allocation, adding that commitment to the investment ceiling of EGP 1 trillion last year opened the way for greater private-sector investment.
The Minister of Planning, Economic Development, and International Cooperation noted that the government launched “Egypt’s Narrative for Economic Development,” which represents a comprehensive framework achieving integration between Vision 2030 and the Government Program, as well as transforming sectoral strategies and directions into clear indicators and targets. It also promotes the transformation of the Egyptian economic growth model to focus more on production and exports.
H.E. also noted that the State is implementing the programs-and-performance methodology, that enhances the monitoring and evaluation system and the periodic review of national, sectoral, and spatial policies and objectives through the “Adaa” System, and its role in strengthening the commitment of all units to provide all information and data that allow for the monitoring and evaluation of programs, projects, and activities, which reflects on the effectiveness of the development plans implemented and the targets set, and ensures the efficiency of public spending by linking the allocated appropriations to the results to be achieved.
In a related context, H.E. Dr. Rania Al-Mashat spoke about the State’s efforts to implement the State Ownership Policy Document to empower the private sector, and to establish the State-Owned Enterprises Unit to maximize the benefits of these companies, explaining that the unit has clear powers to implement the most appropriate scenarios for state-owned companies.
The reforms implemented by the ministry to facilitate resilience and flexibility were also presented, which include adding two new projects to the “NWFE” Program to enhance the transition toward renewable energy, as well as a review of the executive position of climate-responsive public investment management reforms undertaken by the Ministry of Planning, Economic Development, and International Cooperation, particularly with regard to integrating environmental dimensions into the methodology and criteria for evaluating and selecting investment projects included in the plan, studying the climate changes to which investment assets may be exposed and developing measures to address these changes, and increasing the number of green projects included within the “NWFE” Country Platform.
Al-Mashat reaffirmed that the government is continuing with reform efforts to increase growth, enhance economic resilience, achieve development, and create job opportunities.
Distributed by APO Group on behalf of Ministry of Planning, Economic Development, and International Cooperation – Egypt.
