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Egypt targets 5.8% growth rate in initial budget of 2018-2019 FY

ُEgypt plans to realize a growth rate of 5.8% under the initial budget of 2018-2019 fiscal year, the Finance Ministry said in a preliminary statement.

Under the new budget, the unemployment rate is expected to drop to less than 11%.

The total deficit is predicted to reach 8.4% of the Gross Domestic Product (GDP) against 10.9% in the 2016-2017 FY.

The ministry seeks to realize a surplus of 2% in order to shrink state debts to 91-92% of the GDP, according to the statement.

The ministry targets revenues of 21.6% in the initial budget of 2018-2019 fiscal year.

About LE 100 billion will be allocated for improving the infrastructure and services, read the statement.

Finance Minister Amr El-Garhi said issuing the preliminary statement for the third straight year underlined the ministry's transparency and keenness on social interaction.

The preliminary statement is issued to get all social segments engaged in the decision-making process before the parliament's review of the budget.

The statement offers a simplified briefing on the government's program, including the financial challenges as well as suggested economic and financial policies.

The statement also expounds the economic reform program which aimed stabilizing all-out economic indicators, developing the economic structure and upping production.

 

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