World Bank Commends Egypt’s Economic Progress, Pushes for Second Wave of Reforms

Egypt’s economy is at a turning point, according to a World Bank report released on the 21st of December 2020, titled “Creating Markets”, with the reform programme launched in 2016 having enhanced socio-economic conditions, restoring confidence in the economy and improving macro-economic stability.

Under the economic reform programme, the report noted that the Government of Egypt carried out a host of changes including liberalisation of the exchange rate, expansion of public investment to improve infrastructure (road networks) and utilities (gas and electricity), along with fiscal consolidation. According to the World Bank, these measures have had a positive impact on the Egyptian economy with higher growth rates, a reduction in fiscal and external deficits, a...