Joined: 26 Jan 2018
|CAIRO， Nov. 2 (Xinhua) -- The economic situation in Egypt is difficult yet manageable and China is a major economic supporter to the Arab country， said lawmakers and economic experts in a press conference held Wednesday at the State Information Service (SIS) headquarters in Cairo.
They expected the most populous Arab state to gradually get out of its ongoing economic crisis via the intended economic reforms.
Ali al-Moselhy， head of the parliament's economic committee， said that the reform aims at resolving the country's problems and "there are currently serious and brave steps in this regard."
Due to five years of political instability， Egypt has seen severe economic recession that led to a decline in foreign currency reserves， a growing budget deficit that amounted to 339.5 billion Egyptian pounds (about 38.2 billion U.S. dollars)， representing 12.2 percent of the gross domestic product， and raising foreign debts to recently reach 55.8 billion dollars.
The situation led the country to resort to a 12 billion dollars' loan from the International Monetary Fund (IMF)， whose initial agreement has been reached in August， and it is expected to be accompanied by economic reforms including fuel and energy subsidy cuts.
Addressing the press at the SIS conference， Moselhy said that a punch of state decisions are expected to be announced soon related to raising pensions， improving healthcare and educational services and implementing a social safety net program to limit the suffering of low-income citizens amid economic reforms.
Answering a question of Xinhua's correspondent on China's economic cooperation with Egypt， the lawmaker said that China's economic support to Egypt is "obvious in all fields，" including the field of scientific research and remote sensing centers via a donation.