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Tuesday, 9 June 2020

Covid-19 hasn’t derailed Egypt’s reform drive, Al Mashat tells Bloomberg

Covid-19 hasn’t derailed Egypt’s reform drive, Al Mashat tells Bloomberg: The Madbouly government hasn’t allowed the covid-19 pandemic to derail structural reform and is looking past the crisis to build on existing reform efforts, International Cooperation Minister Rania Al Mashat told Bloomberg in a televised interview yesterday (watch, runtime: 7:35). “We have not been sidetracked by covid, but we are looking into details on how to create more jobs, create a more inclusive economy and that is going to be important to investors and for everyone who is following the Egypt story,” she said. The government is now looking to initiate a second wave of reforms post-covid focused on improving the business environment for the private sector, boosting productivity, and targeted policies directed at priority sectors, she said.

Mashat didn’t disclose the details of the government’s external financing plans: The minister alluded to future financing agreements with several multilateral donors — including the World Bank, the French Development Bank, and the Japan International Cooperation Agency — but remained tight-lipped on how much the government is seeking and when agreements would be finalized. The government has scheduled board meetings with several of the organizations which will take place “very soon,” she said.

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