WB welcomes economic reforms in Egypt

The World Bank has welcomed economic and social reform measures which are carried out by the Egyptian government.

A package of reforms, which have been recently announced by Egypt, would contribute to boosting the Egyptian economy, the WB said in a statement online on Saturday. 

The Bank said that floating the Egyptian pound and increasing energy prices will reflect real conditions on the market, pointing out to Egypt's efforts exerted to attract investments and promote security in the society in order to create more job opportunities, boost competitiveness of Egyptian products, uplift exports and lure new foreign investments.

On Thursday, the Central Bank of Egypt floated the Egyptian pound and raised interest rates, while the petroleum ministry increased the prices of petrol and gas.

Such measures would raise the income of poor brackets, it said.

The World Bank’s country director in Egypt, Asad Alam, said the Egyptian reform program is ambitious and focuses on creating job chances, adding social measures would increase the income of low-income brackets. 

The international financial institution is pleased with the government’s expansion of the Takaful program, which already reaches around 4.5 million people in extreme poverty, he said.

Karama and Takaful are two social support programs that aim to increase the consumption capacities of individuals and families living in poverty.