Cairo –  Egypt's Minister of Planning, Hala El-said, is participating in the dialogue held by the Atlantic Council on the opportunities and challenges facing the Egyptian economy until 2023 and afterward.

The dialogue, held on 12-13 October 2022, comes as part of a series of dialogues on the annual meetings of the International Monetary Fund (IMF) and the World Bank (WB), gathering economy and finance ministers from all over the world to discuss their economic expectations for 2023.

During the dialogue, the Egyptian minister shed light on Egypt's role as the first Arab and African country to host the United Nations Climate Change Conference (COP27), which is taking place next month in Sharm El Sheikh.

She further revealed that the Egyptian economy grew faster than expected by 6.60% in fiscal year (FY) 2021/2022, compared to 3.30% in the previous year, noting that the country’s gross domestic product (GDP) exceeded the IMF’s expectation and grew by 5.90%, the highest rate since 2008.

During FY22/23, the Egyptian government forecasts the GDP to grow by 5.50%. This comes after the state has lowered its expectations by 0.2% given the latest global developments.

El-said further reiterated that Egypt has significantly broadened the scope of social protection programs and security networks through the Takaful and Karama program.

In addition, she spotlighted the Decent Life (Hayah Karima) initiative, which aims to transform more than 4,500 Egyptian villages into sustainable rural communities, highlighting that the program has been listed by the UN as one of the best international practices for sustainable development objectives. This initiative, which is the world’s largest development initiative, aims to lower poverty levels, covering over 58 million of Egypt’s population with three-year financing worth more than $50 billion.

Moreover, El-said referred to her country’s efforts to support the private sector, which contributes around 72% to the country’s GDP.

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