CAIRO — Egypt’s Planning Minister Hala al-Saeed announced in a July 25 press conference that Egypt has achieved its highest economic growth rate in 10 years. In the 2017-2018 fiscal year, the growth rate reached 5.3% compared to 4.2% in 2016-2017.

Finance Minister Mohamed Maait said at a press conference Aug. 5 that the government aims to hit 7% economic growth by 2022. The Egyptian government’s aspirations do not seem far-fetched, according to economists.

Reza Baqir, the International Monetary Fund's representative in Egypt, told Egypt’s Al-Shorouk News Aug. 5 that the IMF’s forecast for the Egyptian economy is the highest in North Africa, pointing out that the ongoing implementation of the economic reform program is likely to lead to a growth rate of 6% in the short term and reduce inflation and unemployment by 7% by 2022.

The economic reform program, adopted by the Egyptian government in November 2016 and run with IMF supervision and support, is intended to liberate the exchange rate of the Egyptian currency and reduce the budget deficit through a gradual reduction of subsidies and a gradual increase in taxes.