Soon, the Egyptian people are reaping the fruits of economic reform

Mirza Hassan calls on the government to reduce the size of the machinery of government, to make it more efficient and to leave more areas to work in the private sector

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Mirza Hassan, executive director of the World Bank, said that the Egyptian economy had achieved a good growth rate, much higher than that of the surrounding Arab countries.
According to Hassan, during an interview with the journalists of the Doorway Mission in Washington, organized by the American Chamber of Commerce, the Egyptian economy began to recover and the middle class and low-income class will begin soon to take advantage of the reforms. "The Egyptian economy has fallen ill after the revolution, but the bold reforms made by the Egyptian people have allowed a rapid recovery of the economy, and with this recovery, the people will soon begin to reap the benefits."
Hassan pointed out that the middle class is more than any economic reform, so we have to take care of it, claiming that the best service that is provided to them is not social protection, but d & rsquo; To achieve a high growth rate.
He added that the real challenge of Egypt's economic growth at the moment is population growth, which is about 2.3% per year, which is detrimental to any economic improvement. When the population is large, it is difficult to grow the economy, regardless of its size or to achieve the desired goal. From him ".
According to Hassan, the weakness of the education system is another challenge to economic growth in the Arab region, including Egypt. "The school in Egypt knows nothing and 70% of those attending higher education institutions in the Arab world do not need their skills". Egypt has a good education reform plan to improve the preschool period, scientific studies indicating that children aged one to six years absorb about 60% of the total absorbed by the human being during the different stages of education.
The Arab world needed not only an education reform, but also a complete uprising in this area: there was no consensus between science and science. job, and the higher the number of years of schooling, the fewer job opportunities there were.
Hassan called on the Egyptian government to pay greater attention to the efficiency and effectiveness of the machinery of government and to leave broader areas to the private sector while raising the level of governance and accountability. of responsibility.
Hassan explained that the Arab world was to create about 300 million jobs by 2050, according to a study by the World Bank. A number of Arab countries are so far unable to reach a part of it, pointing out that the whole world is currently working to study the impact of technology on the business sector and the economy. to create jobs. .
According to the Executive Director of the World Bank, the cooperation program between the Bank and Egypt is one of the most important in the region. The Egyptian government has received bank loans since 1950 amounting to about 18.4 billion dollars, pointing out that the only period from 2010 to 2020 is eight billion dollars, although the volume of loans obtained by the Egypt finally began to decline. "The Egyptian government is no longer using loans only when necessary and in projects that pay well for the repayment of loans obtained by," he said. That 64% of the World Bank's investments in Egypt have been directed to Cairo Only now, more than half of the investments go beyond Cairo, especially in Upper Egypt.
Hassan praised the Egyptian government's approach to developing an internal as well as external public debt management strategy. The Egyptian initiative to control religion is a pioneering initiative in the region and in many countries of the world, although the Egyptian religion does not care about the degree we find in many countries.
Hassan pointed out that global debt had risen by about 11% between 2017 and 2018, which indicates that there is a lot of money on one side and that it is easy to resort to the loan of the other. It also indicates that some governments have started to face difficulties in reform and have chosen to compensate for them. By borrowing. Mirza revealed that there was no Egyptian demand to borrow from the World Bank at the moment.