The World Bank Group announced it is extending its Country Partnership Framework (CPF) 2015–2019 with Egypt for two years, with Cairo’s economic reforms showing early signs of success.
The group states that the decision was made following a formal review of results of the current framework by the group’s Board of Executive Directors, in a process known as a Performance and Learning Review.
The extension aims to maintain the momentum on reforms, to ensure continued progress towards inclusive growth, job creation and better opportunities for all citizens.
The Egypt 2015-2019 CPF also focuses on improving opportunities for private-sector led job creation, social inclusion and improving governance.
The three focus areas remain highly relevant to the country’s long-term development strategy. The government’s reform efforts, which are supported under the CPF, have helped to stabilize the economy; growth has rebounded, the external and fiscal deficits have narrowed, inflation has declined, and foreign reserves have increased.
According to the Regional Director of the World Bank office in Egypt, Yemen and Djibouti, Marina Weiss, the expansion of the CPF with Egypt will allow the group to continue to support the on-going reform measures carried out by the Egyptian government with a view to improving the living standards of Egyptians.
Egyptians voted to allow the current government to remain in power till 2030, a sign of confidence in policies and plans implemented by the government.
“Stronger macroeconomic management has made the business environment more conducive for the private sector and key fiscal reforms have allowed the government to improve its debt sustainability outlook and redirect scarce budget resources to new social programs targeted at poor and vulnerable Egyptians”, the statement adds