Pandemic ‘negatively affected’ Egypt’s Vision 2030, official warns

Abd-elrahman Nasef, 31, checks the plants in his aquaponic farm, which recycles water in fish tanks to grow vegetables, in Cairo, Egypt June 30, 2021. (REUTERS)
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Updated 05 July 2021
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Pandemic ‘negatively affected’ Egypt’s Vision 2030, official warns

  • Kamali said that Egypt’s modernization process is being achieved through an approach that includes consultations with all stakeholders, including the government, civil society, the private sector, academics and others

CAIRO: Egypt’s Vision 2030 has been negatively impacted by the coronavirus pandemic, the country’s deputy minister of planning and economic development has warned.

Ahmed Kamali said that the emergence of the pandemic imposed negative social and economic repercussions, and new challenges on the Egyptian economy, including the need to transition to green development.

He added that the objective of modernization plans is to align Egypt’s Vision 2030 with the UN Sustainable Development Goals and Africa’s Agenda 2063, in addition to keeping pace with global and regional changes.

Among the important issues that have been added to the updated version of the vision are that of water scarcity and population growth, he said.

Kamali said that Egypt’s modernization process is being achieved through an approach that includes consultations with all stakeholders, including the government, civil society, the private sector, academics and others.

The deputy minister said that the first step in this regard focuses on identifying gaps in the economic, social and environmental aspects through research papers that have been drawn up in each ministry and government agency.

The second step includes groups of task forces and specialized experts working on partial reports for each identified gap, while the third step includes the compilation of these reports and research papers.

Kamali added that the fourth step includes a series of consultative sessions with representatives of the government, private sector, civil society and academics to discuss the required targets.

The deputy minister also discussed the strategic goals of improving the quality of life for citizens, achieving social justice and equality, access to an integrated and sustainable environmental system, and access to competitive and diversified knowledge.

He said that the tools used to accelerate the achievement of the previous strategic objectives include controlling population growth, relying on supportive cultural values, improving the availability of information and environmental legislation, achieving digital transformation and promoting technology and innovation.

 


Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn

Updated 22 February 2026
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Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn

RIYADH: Saudi Arabia’s foreign reserves climbed 3 percent month on month in January to SR1.78 trillion, up SR58.7 billion ($15.6 billion) from December and marking a six-year high.

On an annual basis, the Saudi Central Bank’s net foreign assets rose by 10 percent, equivalent to SR155.8 billion, according to data from the Saudi Central Bank, Argaam reported.

The reserve assets, a crucial indicator of economic stability and external financial strength, comprise several key components.

According to the central bank, also known as SAMA, the Kingdom’s reserves include foreign securities, foreign currency, and bank deposits, as well as its reserve position at the International Monetary Fund, Special Drawing Rights, and monetary gold.

The rise in reserves underscores the strength and liquidity of the Kingdom’s financial position and aligns with Saudi Arabia’s goal of strengthening its financial safety net as it advances economic diversification under Vision 2030.

The value of foreign currency reserves, which represent approximately 95 percent of the total holdings, increased by about 10 percent during January 2026 compared to the same month in 2025, reaching SR1.68 trillion.

The value of the reserve at the IMF increased by 9 percent to reach SR13.1 billion.

Meanwhile, SDRs rose by 5 percent during the period to reach SR80.5 billion.

The Kingdom’s gold reserves remained stable at SR1.62 billion, the same level it has maintained since January 2008.

Saudi Arabia’s foreign reserve assets saw a monthly rise of 5 percent in November, climbing to SR1.74 trillion, according to the Kingdom’s central bank.

Overall, the continued advancement in reserve assets highlights the strength of Saudi Arabia’s fiscal and monetary buffers. These resources support the national currency, help maintain financial system stability, and enhance the country’s ability to navigate global economic volatility.

The sustained accumulation of foreign reserves is a critical pillar of the Kingdom’s economic stability. It directly reinforces investor confidence in the riyal’s peg to the US dollar, a foundational monetary policy, by providing SAMA with ample resources to defend the currency if needed.

Furthermore, this financial buffer enhances the nation’s sovereign credit profile, lowers national borrowing costs, and provides essential fiscal space to navigate global economic volatility while continuing to fund its ambitious Vision 2030 transformation agenda.