Bayoumi hails positive ramifications of economy reform

Ambassador Gamal Bayoumi, Former Assistant to Foreign Minister, said that Egypt took the right decision to apply an economic reform program at the right time

Ambassador Gamal Bayoumi, Former Assistant to Foreign Minister, said that Egypt took the right decision to apply an economic reform program at the right time which made us ready when the corona epidemic spread and affected the global economy. Egypt, he mentioned, is among only five countries in the world whose economy grows positively with expectations of 5.7% annual growth.

In a phone call with (The Breakfast Show), Bayoumi added that we are on the right track and according to the Arab Fund for Economic and Social Development, Egypt is one of the largest attracting economies in the area. But we still need to do more effort, he suggested, pointing to bureaucracy and the banking system. Birth rate is another obstacle to development as we have one of the highest in the world, he said, we gave birth to 22 million new children since 2011.

He further mentioned that mass media is not a helping tool as it did not answer the questions of public media who were still questioning the seeking of foreign investments instead of Egyptian investments. They are unaware that Egyptian investments are depending on Egyptian savings which are not enough to cover all our aims, he mentioned.

International monetary organizations either the International Monetary Fund (IMF) or the World Bank Group, are in favor of what is happening in Egypt encouraging us to exert more efforts in order to keep our position in the race towards development. Bayoumi believed that Egypt is trying to distribute efforts among all sectors whether it is agriculture, industry, and services as well as among all the geographic parts of Egypt.

However, he shed light on distribution of wealth on poor classes as we need to reach them everywhere, believing that the government has exerted huge effort directing many projects to them either in housing, health, or education but more efforts has to be done to help every Egyptian to earn his living.

The Breakfast Show is aired daily on Nile TV International and this episode is conducted by Amal Mokhtar.