Arabnews24.ca:Thursday 19 January 2023 09:25 PM: The International Monetary Fund (IMF) expected that Egypt’s revenues from tourism would gradually increase during the next five fiscal years to reach about $28.8 billion by mid-2028, an approximate rise of 155% compared to the revenues of the current fiscal year.
Tourism is considered one of the main sources of hard currency in Egypt, and the country seeks to increase its revenues in the upcoming years to support its foreign currency revenues.
Egypt also works on bridging the financing gap, after it secured additional funds from the IMF and international Gulf partners.
The cabinet’s media center published a report that included info graphics highlighting the IMF’s expectation of a future rise in the indicators of the Egyptian economy.
The report said that despite the economic challenges that Egypt is facing at the moment in both dimensions; locally and globally, there are yet some positive aspects shown in some successful Egyptian institutions.
The report results came especially in light of the state’s endeavor to contain and overcome the repercussions of foreign variables resulting from these crises.
Accordingly, overcoming these challenges will be implemented by enhancing the efficiency of the country’s monetary and fiscal policy, while possessing a clear vision and free direction that opens up a broader scope for the role of the private sector in the development process.
Egypt also aims to set plans to increase exports and open new horizons for more foreign investments, in parallel with its decisions to rationalize government spending and extend and expand the protection network.
The country aspires to double its revenues from tourism sector to reach about $30 billion annually, with the support of the private sector and developers over the next few years, Prime Minister Moustafa Madbouli said last September.
Tourism is the main driver for the global and local economy, as it merely generates about %10 of the Gross Domestic Product (GDP), and possesses about %7 of international trade, in addition to employing approximately 330 million people, Minister of Planning Hala El-Said said.
