Egypt adopts economic reform program despite challenges

Despite the unstable global economy and its pressure on most of the economies, Egypt has started implementing an unprecedented comprehensive economic and social reform program, International Cooperation Minister Sahr Nasr said here Friday.

Nasr, who is leading Egypt's delegation to the Intergovernmental Group(G-24) ministerial meeting, added that policies and initiatives, as well as programs, at both the national and local levels have been launched to support medium and small-sized projects, enhance productivity and create more job opportunities.

She noted that investment in the infrastructure sector is an integral part of Egypt's reform program, with a view to raising living standards and luring foreign direct investments.

The minister underlined that support by international funding institutions will contribute to achieving goals of Egypt's ambitious economic program, pointing out that such goals cannot be attained without the effective participation of the private sector as a main player in the development process.

Nasr expressed Egypt's worries over the slow flow of foreign direct investments to emerging markets, stressing that that would widen an existing business gap and hinder the achievement of sustainable development goals.

On this score, she called for more coordinated measures by the major world economies and international funding organizations to face such threats.

Highlighting the impact of the refugees crisis on the economy, Nasr stated that Egypt hosts some five million refugees of different Middle Eastern and African nationalities.

Held on the fringe of WB annual meetings, the G-24 session was attended by World Bank Group President Jim Yong Kim and Managing Director of the International Monetary Fund Christine Lagarde.

The G-24 was established in 1971 by the Group of 77 (G-77) as one of its Chapters, and formally created in 1972.