Cairo, 15 Dhul Hijja 1434/20 October 2013 (MINA) – Egypt’s Prime Minister Hazem El-Biblawy said the country’s economy is improving, contrary to comments International Monetary Fund (IMF) on economic future of country’s pyramid.
Biblawy mengatakan there are many indicators, which confirm this fact, Saudi Gazette quoted by Mi’raj News Agency (MINA) as reporting, Sunday.
Biblawy referred to the Egyptian Exchange boom compared to the past period, return of tourist teams, improvement of exchange rate of the Egyptian pound and increase of foreign exchange reserve to $20 billion. He said Egypt no longer suffers from a foreign exchange crisis.
He further said remittances by the Egyptian expatriates are increasing adding the Saudi, Kuwaiti and UAE support for Egypt is strong. He added that this support is not just a cash support but extends to cover quick yield enterprises.
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This came in a comment on the report of the International Monetary Fund (IMF) on the future of the Egyptian economy which indicated that economic growth rate for the coming year will not exceed 2.8 percent compared to 3.5 percent as forecast by the government.
The IMF figures showed that Egypt’s weak economic performance will continue until the year 2018.
Biblawy noted that Egypt is overcoming its problems quickly expecting that conditions would become normal when the political stability and security discipline is achieved.
The Prime Minister said previous experiments indicate that the IMF estimates for future are not mostly accurate.
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Meantime, Minister of Planning Dr. Ashraf El-Arabi said the economic situation in Egypt is excellent adding the IMF report which indicates that Egypt’s economy is bad are not correct adding the IMF based its estimates on the situation before June 30.
Arabi said economic growth rate in the FY 2012 -2013 registered 2.1 percent, adding though this rate is higher than 1.8 percent in the year 2010-2011, yet it did not hit the target of 3.8 percent.
The minister said the volume of targeted investments this fiscal year amounts to EGP290 billion (EGP120 billion for public investments and EGP170 billion for private investments distributed to different sectors.
Minister Arabi said if the targeted investments are carried out, growth rate will hit 5.3 percent compared to the past three years in which economic growth rate reached only 2 percent. He added that economic growth will not be achieved without achieving social justice.
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Arabi noted that the expansionist policy which was followed by the government through good economic plan will positively reflect on citizens living standards and create job opportunities for youth. (T/P09/E1).
Mi’raj News Agency (MINA).
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