Finance Minister – Egypt to Increase Growth Rate to 6 Percent in 3 Years

Finance Minister Hany Kadry said that Egypt tries to push up the growth rate to 6% over the next three years.

Speaking at the Euromoney’s Egypt Conference on Tuesday 1692014, the minister expected achieving a rate of 3% in 20152016 FY compared to the current rate of 2.1%.

He added that the government had adopted economic policies and programs that would eliminate many economic problems and boost economic growth.

“Thanks to the government’s structural reforms, the budget deficit would be decreased by 11% this year,” he pointed out.

Kadry added that the milestone of the reforms was the removal of energy subsidies.

He also said that Egypt has achieved political stability over the past period, asserting that the government is committed to implementing social reforms immediately after introducing any economic reform.

The minister added that the government intends to cancel subsidy system over the coming 5 years, as the government is gradually moving to give cash subsidy instead of the in-kind subsidy.

As for relations with the International Monetary Fund (IMF), Kadry said that Egypt’s relations with the IMF have not stopped, as there are continuing consultations with it.

The minister said that an invitation would be sent to the IMF for talking about Egypt’s reform program that has been undertaken before holding the economic conference in February.

He said that the Egyptian economy is open to all sources of finance, while the decision on borrowing is a sovereign decision.

He added that the government focuses on reducing the budget deficit.


Source : Egypt State Information Service