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Egypt achieves positive growth in 2020 despite COVID outbreak: IMF

Egypt achieves positive growth in 2020 despite COVID outbreak: IMF

ArabFinance: Egypt was among the few countries that achieved a positive growth last year despite the Covid-19 outbreak, Director of the Middle East and Central Asia Department at the International Monetary Fund (IMF), Jihad Azour, said.

During the IMF Annual Meetings, Azour added that through pressing ahead with Egypt's economic reform program, the government will be able to create more jobs and expedite economic recovery.

Azour noted that Egypt needs between 700 and 800 thousand job opportunities each year, which can be met by the private sector in case of upping productivity, enjoying access to new markets, and offering different types of finance.

He further noted that Egypt had obtained a $5.4 billion loan as part of a 12-Month Stand-By Arrangement to support the government’s economic reform program during the pandemic.

He explained that protecting livelihood, especially in Egypt’s tourism and other service sectors is very important, as it will allow faster economic recovery.

“The various measures that were introduced by providing support to SMEs through different liquidity facilities were steps in the right direction,” Azour commented. 

Azour stressed that as the recovery accelerate, it’s important to gradually unwind some of those measures and consolidate the public finances.

 

 

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