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Minister of Planning: The structural reforms program will fundamentally change the Egyptian economy


Hala Al-Saeed, Minister of Planning and Economic Development, said that the country has achieved good indicators with the success of the first phase of the national program for economic and social reform, referring to achieving high growth rates before exposure to the Corona pandemic, in addition to low levels of deficit, stressing that Egypt is living an unprecedented development experience in Its history.

 

Al-Saeed indicated that for the second phase of the national program for economic and social reform represented in structural reforms; It targets the real sector with radical and targeted structural reforms that contribute to increasing the resilience of the Egyptian economy, raising its ability to absorb external and internal shocks, and transforming the path of the Egyptian economy into a productive economy with competitive advantages. This supports the economy’s ability to achieve balanced and sustainable growth in the manufacturing industries, agriculture, telecommunications and information technology sectors.

 

The Minister of Planning and Economic Development clarified that each ministry has a plan for economic reform, noting the importance of the presence of the private sector as a partner, and the minister also referred to the efforts made by the state in the issue of social protection. This is evidenced by the success achieved by the "A Dignified Life" initiative and by the United Nations' inclusion of the initiative among international best practices, as it is specific, verifiable, measurable, has a timeframe, and converges with all the UN sustainable development goals.

 

Dr. Hala Al-Saeed pointed out that the most important strategic goals of the agricultural sector are to increase the sector's contribution to the GDP to reach 12% in 2024, increase agricultural productivity by about 30%, create new job opportunities and increase the incomes of small farmers from 430-530 thousand new job opportunities by 2024, and the strategic goals of the industrial sector include increasing the contribution to the GDP to reach 15% in 2024, increasing the percentage of workers in the sector to 18-20% in the same year with the provision of 400-460 thousand new jobs annually until 2024, and increasing employment rates in projects. The small and medium-sized sector will reach 61.5% in 2024, while the communications and information technology sector aims to increase the contribution to the GDP to 5% in 2024 while maintaining high growth rates for the sector in the range of 16%, and providing 120-140 thousand new job opportunities by 2024.

 

On the axes supporting structural reforms; The Minister of Planning and Economic Development indicated that it consists in raising the efficiency of the labor market, developing the system of technical education and vocational training, improving the business environment and developing the role of the private sector, raising the efficiency of public institutions through digital transformation and governance, in addition to enhancing financial inclusion and access to finance, and developing human capital.

 

Dr. Hala Al-Saeed emphasized that the National Program for Structural Reforms targets 6 reform axes, 32 policies and goals, and 88 priority procedural and legislative structural reforms out of a total of 310, with the sustainable development goals being localized at the level of all 27 governorates.

 

Dr. Mustafa Madbouly was the Prime Minister; The National Program for Structural Reform was launched yesterday; The second phase of the National Program for Economic and Social Reform, in the presence of Dr. Hala Al-Saeed, Minister of Planning and Economic Development, and a number of ministers.

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