Econostrum | Economic News in the Mediterranean

OECD to support Egyptian government's structural reforms

Written by Eric Apim on Thursday, October 28th 2021 à 15:35 | Read 380 times

The OECD will help Egypt implement structural reforms (photo: F.Dubessy)
The OECD will help Egypt implement structural reforms (photo: F.Dubessy)
EGYPT. The Arab Republic of Egypt, represented by its Prime Minister Mostafa Madbouly and five ministers, and the Organisation for Economic Co-operation and Development (OECD) signed a Memorandum of Understanding (MoU) on Tuesday 26 October 2021 in Paris to launch a three-year Country Programme. "Today, we have taken a major step forward in our collaboration with Egypt," said Mathias Cormann, who signed the agreement as OECD Secretary-General.
This document will allow Cairo to work with the organisation on its structural reforms. The OECD will provide analysis, advice and guidance "to inform the design and implementation of public policies to help Egypt address the key economic challenges it faces, while aiming for closer progressive alignment with OECD policy standards," a statement said.

It will also serve as a guide for the implementation of the sustainable development strategy "Egypt Vision 2030". Adopted at the end of March 2016 by President Abdel Fattah al-Sissi, and recently revised in September 2021 to better adapt to the consequences of the fallout from the Covid-19 health crisis, it sets out key points for economic, social and cultural plans, as well as the involvement of the private sector and civil society in the country's renewal.

The OECD-Egypt Country Programme runs for three years (Country Programme document cover)
The OECD-Egypt Country Programme runs for three years (Country Programme document cover)

35 projects in the Egypt-OECD Country Programme

The OECD Country Programme has five components: inclusive and sustainable economic growth, innovation and digital transformation, governance and anti-corruption, statistics, sustainable development. It includes thirty-five projects "as well as a co-ordination function to ensure that it is implemented and monitored effectively", says the OECD.
All of these components will focus on gender equality and the inclusion of women and youth in the economy and society, as well as measures to promote the transition of SMEs into the formal economy. The informal economy accounts for up to 40% of GDP and unemployment rates for youth and women are 30% and 22% respectively. They are among the highest in the Mena region (Middle East and North Africa).

"Such a far-reaching Country Programme can help Egypt improve its competitiveness and integration into the global economy," comments Mostafa Madbouly. "It will enable Egypt to make progress on its priorities under the second phase of its National Economic and Social Reform Programme," says the Egyptian Prime Minister.

The only country in the Mena region and one of the few in the world to have posted positive growth in 2020 despite the global pandemic, the country envisages real GDP growth of 3.3% in 2020-2021 and 5.6% in 2021-2022.

Egypt is also committed to contributing to the OECD's regional work in the Mena region, such as the Mena-OECD Governance and Competitiveness for Development Initiative, which will be launched in April 2021 and of which Egypt is a major partner, as one of the largest in the region. "Egypt can help disseminate and bring political perspectives to and from the Mena region," the Paris-based organisation's statement said.

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