Egypt’s balance of payment hits surplus of $12.8B

Egypt Today

Minister of Planning and Administrative Reform Hala el Saeed - File Photo

CAIRO - 16 October 2018: Egypt’s balance of payments recorded a surplus of $12.8 billion, compared to a deficit of $11.3 billion in 2012, according to Planning Minister Hala el-Saeed.

Saeed added that the volume of reserves now covers nine months of imports, compared to three months in 2012.

Regarding remittances from expatriates, she said that they increased to $26.4 billion, adding that exports marked an increase of 40 percent, targeting to hit 70 percent during the upcoming two years.

She further noted that political stability was reflected on the tourism sector, and revenues of the Suez Canal hiked 15 percent.

"We are shifting from an economy based on the exploitation of raw materials and natural resources to an economy whose focus is deepening domestic industrialization and human capital," she said, noting that the source of 5.3 percent growth comes from increased investment and net foreign trade, which is reflected in more job opportunities.

The minister referred that the overall economic and administrative reform program initiated by the Egyptian government in 2016 helped the country restore macroeconomic stability, with a growth rate of 5.3 percent at the end of 2017/2018, compared to a growth rate of 2.9 percent in 2014.

She also addressed the administrative reform system, referring to the restructuring of organizational units within the administrative system and the development of a number of new departments such as human resources, auditing and internal audit, strategic planning departments and policies.

Saeed said earlier that Egypt is expected to achieve a growth rate of 7.5 to 8 percent by the end of a four-year plan.