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Egypt has outlined its new economic reform program “Egypt’s Narrative for Economic Development,” which focuses on the real economy and empowering the private sector, its planning minister said during the IMF and World Bank annual meetings in Washington.

In a statement at the Intergovernmental Group of Twenty-Four (G-24) Ministerial Meetings, Minister of Planning Rania Al-Mashat said the new narrative is a continuation of the economic reform path and aims to capitalize on advanced infrastructure to focus on productive sectors.

During the meeting, Al-Mashat said that IMF Managing Director Kristalina Georgieva had praised the peace efforts led by Egyptian President Abdel Fattah Al-Sisi in the Middle East, emphasizing that “there is no development without peace.” Georgieva also lauded the government’s recent economic and structural reforms, the minister added.

Al-Mashat stressed the government’s conviction that continuous reform fosters macroeconomic stability, explaining that the reforms implemented since March 2024 have strengthened the resilience of the Egyptian economy amidst exceptional regional and international challenges.

She added that the new narrative is based on a program of more than 250 structural reforms being implemented by national entities in coordination with international partners such as the European Union and the World Bank, which enhances the economy’s ability to withstand shocks.

The minister emphasized that the government is serious about measures to empower the private sector by creating a competitive environment for both the government and private sectors, and by continuing the governance of state-owned companies to maximize the use of assets.

Al-Mashat said the recent improvement in Egypt’s credit rating reflects the fruits of these reforms and confirmed the coordination between fiscal, monetary, and development policies for the sustainability of reform.

She also welcomed the World Bank Group’s evolution roadmap to enhance its efforts in job creation and private sector-led development.

Source: Daily News Egypt