President El-Sisi Holds Meeting with PM and Minister of Planning and Economic Development

President Abdel Fattah El-Sisi met today with Prime Minister Mostafa Madbouly and Minister of Planning and Economic Development Dr. Hala El-Said.
As stated by the Spokesman for the Egyptian Presidency, the meeting discussed the current status of the Ministry of Planning and Economic Development projects.
The Minister presented the development of economic indicators in Egypt and the world since the outbreak of the COVID-19 pandemic, along with the global and local economic status in the coming period. According to the data collected, a severe shrinkage in the global economic growth was observed during 2020. In this respect, it should be taken into consideration that the tourism sector was one of the most severely hit sectors globally. Additionally, a decline in both foreign direct investment and global trade growth rates were both witnessed during the same year.
As a result of the actions taken by Egypt, a 3.6% positive growth rate has been achieved for the fiscal year 2019/2020; Egypt is among a few world countries that managed to achieve a real growth rate during the year 2020 amidst the Covid-19 repercussions. Egypt has further scored the highest growth rate among most of the emerging countries, which reflects Egypt’s successful, well-balanced and proper handling of the pandemic’s repercussions. In addition, the country pumped more government investments worth 102 billion EGP in the first half of the fiscal year 2020/2021.
The President, hence, directed that studying all Covid-19 local and global economic repercussions be continued to generate the projected economic scenarios. With that, continual improvement of economic and financial indicators on a national level will be ensured in order to overcome any challenges that would hinder the sustainability of the positive outcomes achieved by the economic reform.
More details about the pandemic’s impact on various axes in the country were also provided during the meeting, along with all the relevant procedures taken to mitigate the impact of Covid-19 on the Egyptian economy, especially on the irregular workers by setting up a dedicated database and providing job opportunities for them in national projects and public works.
The Spokesman added that the activities of the National Investment Bank were showcased during the meeting, together with the bank’s administrative and structural development plan. It should be noted that this bank is one of the country’s economic and investment agencies that mobilize domestic financing for the sake of executing several different projects to achieve economic and social growth.
The President was also updated on the current efforts exerted in moving the governmental structure to the New Administrative Capital. His Excellency also gave instructions to develop capacity-building programs for government administrative employees, from the top management all the way to young leaders. This is done in order to develop human potentials and capacities and update personnel records of all government employees to make the best use of human potentials and people at the high end of the skills spectrum.