Egypt¹s economy strong enough to stand international volatility
Egypt-IMF, Economics, 5/5/2000
Mohamed el-Erian, a former IMF senior executive and world economic expert affirmed that Egypt's economy is strong enough to cope with all situations.
"The conditions of the Egyptian economy are satisfactory and the government is seriously seeking to reactivate demand on the market as an urgent challenge", Erian elaborated.
He further said that compared to many developing countries, Egyptian economy is in a much better position to face volatility of the world markets.
"The expected rise in world interest rate will slightly affect Egypt¹s economy since, Egyptian foreign debts at present, are quite limited," said El-Erian.
In spite of the recent fall in Egypt's foreign currency reserves , they still constitute a strong financial defense buffer, in addition to a cautious management of various budgets in Egypt, the world economy expert expounded .
Erian added that international developments call for the need to bolster domestic financing resources for high-performing corporations.
Raising domestic saving rates and their efficient allocation are main prerequisites for sustaining high growth rates in the economy, generating more employment opportunities and improving efficiency of Egypt's financial system including banking, stock exchange and insurance sectors, an Egyptian statement said.
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