Egypt has implemented a series of fiscal and monetary reforms since March 2024 to consolidate macroeconomic stability and advance transition towards the private sector-led economic growth, said Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat on Friday 2/5/2025.
Mashat was speaking during an open dialogue session moderated by Roberta Gatti, Chief Economist for the MENA region at the World Bank Group (WBG).
The session was held on the sidelines of the World Bank Group’s “Growth Academy” event for the Middle East and North Africa region, in collaboration with the University of Chicago and the Economic Research Forum in Egypt.
She added the government adopted a set of decisive decisions in March 2024 to reform the monetary policy and keep the fiscal discipline and maintain a flexible exchange rate to mitigate the negative impacts of global developments.
These decisions paved the way for further steps that accelerated the shift in growth drivers, Mashat said.
The minister highlighted the state’s efforts to achieve macroeconomic stability by adopting a variety of structural reforms, promoting optimal utilization of resources, building partnerships with the World Bank Group to stimulate sustainable growth, and developing effective mechanisms to help middle-income countries’ transition to high-income countries.
She also shed light on Egypt’s vision for transitioning to an economic growth that relies on tradable and export-oriented sectors, while increasing employment rates by executing national economic development plans.
The session was held as part of the systemic transformation of the World Bank’s role to become a “knowledge bank,” thereby expanding the exchange of development solutions and expertise, shaping global dialogues on development challenges, and supporting countries, especially developing ones, to continue their development path in light of complex global challenges.
Representatives from several countries in the region, including Morocco, Iran, Turkey, Tunisia, Algeria, Djibouti, and Nigeria, participated in the event.
The “Growth Academy” is an international program and joint initiative between the Becker Friedman Institute for Economics at the University of Chicago and the World Bank.
It aims to enhance the knowledge of researchers and policymakers, foster innovative solutions to economic growth challenges, and explore policies related to economic development in middle-income countries.
Mashat: Fiscal, monetary reforms aim to consolidate macroeconomic stability Egypt Independent.
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