Prime Minister Ibrahim Mahlab announced on Thursday that the growth rate in the final quarter of the past fiscal year reached 3.7 per cent, and by 2.5 per cent in the third quarter.
Speaking at a conference entitled ‘Towards an Arab-European Strategic Partnership’, he said stability rates in Cairo, Hurghada and Sharm el-Sheikh have also increased.
The conference was organised by Al-Ahram and Italy’s ANSA news agency.
Economic reforms, including partially lifting subsidies off some commodities like fuel, have influenced economic performance, he said.
Reforms will be reviewed at the economic conference Egypt will hold in February, he said, noting that the conference is not for propaganda purposes but for outlining the government’s future visions.
“We are trying to settle all hurdles facing investors before the conference. There is no room for trembling hands.”
As for the Suez Canal, Mahlab announced that what is happening in the project is like a miracle. Work is carried out round the clock with around 4,000 pieces of equipment in use in the excavation process alone.
Mahlab called on European countries, especially Italy, to boost economic and political cooperation with Egypt and find a way to put an end to the illegal immigration problem.
The premier said the government has three axes for reform. The first are economic and have already begun with the aim of achieving socially just outcomes.
Such reforms have been praised by international institutions, he continued, and the Egyptian people have accepted the tough measures taken in terms of upping the energy prices and reducing the subsidies on some commodities.
The second branch of reforms are legislative, with the aim of having the most effective legal environment to encourage investors, the prime minister said.
He added that the third axis of reforms concerns boosting the social protection umbrella and alleviating the burdens of limited-income citizens.