Planning Minister Delivers a speech on the draft sustainable development plan for FY 2021/2022 before the Parliament

Dr. Hala El-Said, Minister of Planning and Economic Development, delivered a statement to the Parliament on Sunday of the draft sustainable development plan for the fiscal year 2021/2022, and the main features of the plan's document in its fourth and final year of the medium-term plan for sustainable development 9/21/2018El-Said reviewed basic features of the document development plan for the fiscal year 21/2022, explaining that it was prepared under unfavorable conditions, witnessing the continuing spread of corona pandemic, as from the economic perspective, the estimates show exposure worldwide damage and significant loss reflected economic indicators.El-Said said that despite the negative effects brought about by the pandemic on the Egyptian economy, and the decline in the economic growth rate, but the Egyptian economy was able to withstand the imposed challenges, thanks to the country's swift action to meet them to take a package of curative and preventive medicine, and financial and economic measures. The most prominent of these challenges is the urgent allocation of EGP 100 billion to confront the pandemic and the provision of support to the affected sectors and establishments through a group of supportive initiatives.El-Said stressed that the reform program adopted by the state since 2016 boosted the effectiveness of measures to strengthen the pillars of the architecture of economic and make it more solid in the face of the pandemic and its implications.El-Said indicated that the achieved growth is associated with a decrease in unemployment rates to about 7.2% in the second quarter of 20/2021, a decrease in inflation rates to about 4.8% in January 2021, its lowest level in 14 years, and a decrease in the poverty rate for the first time in 20 years (1999) from 32.5% to 29.7%, bringing down the poverty rate in all rural and urban areas.El-Said confirmed that the year 21/2022 plan is still an extraordinary plan like its predecessor, as the plan has been graduated from the traditional pattern of customary under normal circumstances, due to the worsening of the pandemic since the last months of the year 2020, and the emergence of the second wave and new strains of the virus rapidly spreading.El-Said pointed out that one of the scenarios put forward regarding the timeframe for the demise of the pandemic and a return to normality, adopted a development plan for the year 21/2022 scenario of a moderate, assumed gradual improvement in economic performance during the first half of the plan, then accelerated growth in the second.El-Said indicated that the plan estimated the economic growth rate at about 5.49%, compared to an expected growth rate of 2.8% for 20/2021, and an actual 3.6% in 19/2020, and is close to the rate of 5.6% in the year 20/2021.El-Said added that the plan’s estimates of a growth rate of 5.4% are based on five basic considerations, which are to expect the pandemic containment to be tightened by the mid-fifths of the year 2021.El-Said said the second of those considerations represent the further implementation of the reform of the economic and social program, to move to implement the second phase concerned with structural reforms, which are assigned a priority for development based mainly on agriculture, industry, and the real economy, communications, and information technology, with a focus on improving the productive sectors of productivity, and increase their competitiveness In light of the export-oriented growth strategy.
Concerning the third and fourth considerations, El-Said explained that they consist of continuing to support the monetary policy and the financial policy of aspects of economic activity to move markets and develop mobility. Through the adoption of financing initiatives and facilitative policies and stimulus packages for the private sector, as well as the rationalization of the business aspects of public spending, with increased allocations targeted for investment in the areas of education and health, and the advancement of overall human development in services to meet the benefits of constitutional concerned with these services.In connection with the fifth and final consideration, El-Said explained that it is based on the follow-up to the implementation of the national projects plan aimed at pumping large investments in the arteries of the national economy, especially in the activities of basic infrastructure and urban development, thus allowing more room for operation and participation of the private sector.
El-Said added that it is estimated that the gross domestic product up in the plan to about EGP 7.1 trillion at current prices by 11.7% growth from the previous year output of about EGP 6.4 trillion, as the gross domestic product at constant prices is estimated at EGP 4.3 trillion in the plan.