For the first time since 2008, Egypt’s GDP rose to 5% during the first quarter of the 2017-18 fiscal year, Ahmed Kojak, the deputy finance minister, revealed on January 31, 2018.  

Moreover, 100,000 jobs were created during the period under review. This represents 80% of the jobs created during the 2013-14 and 2014-15 fiscal years, the official said. He added that considering this performance, the ambitious economic reforms adopted and implemented by the country for 18 months now is working.

Let recall that since the revolts that ousted the former president Hosni Moubarak from power, Egypt has been going through an economic crisis.  The political instability thus created, added to security challenges, has negatively impacted the country leading, inter alia, to a drop in tourism revenues and a reduction of foreign investment.

So, in order to boost the country’s economy, authorities have adopted an important economic reform backed by IMF with $12 billion  (in the framework of the MEDC) and by World Bank with $3.5 billion.