by Ahmed Fouda
Jim Yong, World Bank chair person said to Al Ahram that international financial institutions trust that Egypt’s economy will restore its balance, and stability if the government continues to support both social and capitalistic spending in order to achieve a high growth rate.
Yong believes that Egypt took a number of bold steps to contain and adjust financial matters, and that time is due to achieve a historical leap in Egypt’s investment environment; one that matches its tremendous potentials.
Yong further added that the increased confidence in Egypt’s economy will increase Egypt’s government potential to return once more to international financial markets. The best evidence said Yong is foreign investment welcoming joining Egypt’s future projects.
Yong proceeded to point out that there are indicators pointing to that Egypt’s economy is actually recovering, after four years of tardy growth, as Egypt’s GNP reached 5.6 per cent in the first half of 2015.
This said, I wish to point out that if the World Bank declared its commitment to double its annual support to $1.2 billion, this means that there are other indicators that might be declared, namely other financial institutions might announce their support of Egypt at this critical phase. This undoubtedly affirms that Egypt is taking the appropriate bold steps needed to adjust its economic sector, and targets reducing its budget deficit.
