Egypt needs 1 million new jobs annually

Maait stressed that achieving 100 percent private-sector-led growth is crucial for Egypt, to meet the high demand for job opportunities. He highlighted Egypt's State Ownership Policy, which aims to increase the private sector's share in the local economy from 30 percent to 65 percent in the coming years.

The panel, which is held in Cairo under the title “Expecting the Unexpected.. Strengthening Fiscal Risk Management in MENA”, is co-organized by the IMF, Egypt's Ministry of Finance, and the Economic Research Forum (ERF).

It features key speakers such as Antoinette M. Sayeh, Deputy Managing Director of the IMF; Mohamed Al-Ississ, Jordanian Minister of Finance; Abla Abdel-Latif, Director of ERF; and Abdul-Rahman Al-Hamidy, Director General of the Arab Monetary Fund.

“Egypt has been facing compound challenges since the COVID-19 pandemic, including climate change related threats, the repercussions of the war in Ukraine, and the surge in energy and commodity prices. For instance, the cost of borrowing has doubled since March 2022, posing a big challenge”, Maait pointed out.

He also mentioned that the crisis in Sudan has increased the number of refugees in Egypt to nearly 10 million, which further strains the country's fiscal situation.

For her part, IMF’s M. Sayeh stated that the MENA region should adopt a strategy that addresses the fiscal challenges, including those posed by refugees.