Prof. hails Egypt's efforts for promising economy

Dr. Mohamed Roshdy, Professor of Economy at Cairo University, stressed his belief that Egypt has a stable economy

Dr. Mohamed Roshdy, Professor of Economy at Cairo University, stressed his belief that Egypt has a stable economy and it will overcome the financial impact of the Russia-Ukraine war. He highlighted the government’s move to set a program to attract $40 billion in private participation over the next four years as well as its announcement in 2018 that it would offer minority stakes in 23 state companies in a plan to raise up to 80 billion Egyptian pounds.

Hailing such decisions, Roshdy said in a phone call with (Cairo Local Time) that they will be a key support to the Egyptian ambitious plan aiming to increase Egypt’s export to hit 100 billion dollar per year in parallel with another plan to spend incentives for the industrial factories to improve competitiveness of the Egyptian products. Roshdy said that the government is planning to increase the private sector's participation in state-owned assets aimed at doubling the role of the private sector in the economy’s development.

Furthermore, he mentioned that the private sector will help launch an initiative to support and localize national industries by expanding the base of large and medium sized industries, underlining that the small and medium enterprises are the main step to build a solid economy and that is what developed countries counted on.

He also noted that Egypt is doing a great job and its economy is improving, pointing to the fact that its economy saw growth exceeding 9% during the current fiscal year's (FY 2021/2022) first quarter, the highest recorded in the past 2 decades. Such figures indicate that the economic reform and mega projects the government is working on have a significant impact on the economy despite the effect of COVID19 and the Russia-Ukraine war that negatively affects the globe, believing that Egypt has a contingency plan. It has enough stockpiles of most essential food, including wheat, to meet consumption for at least the next six to nine months, he concluded.

(Cairo Local Time) is aired from Saturday to Thursday on Nile TV International and this episode is conducted by Enjy Maher.