São Paulo – Egypt’s minister of Planning, Ashraf El-Araby, said this Wednesday (13th) that the North African country set the target of reaching 5% growth in the next fiscal year, which starts on July 1st. The information was released by the minister to the Egyptian news agency Mena and published by the newspaper Al Ahram. The government expects that in the current fiscal year, which ends June 30th, Egypt will have grown 4%.
Egypt expects to invest US$ 54.4 billion in the next period. From this total to be invested, US$ 23.5 billion will come from public funds and the other US$ 30.9 billion from the private sector. The government of president Abdel Fattah El-Sisi expects the country to keep growing in the next few years and for the Gross Domestic Product (GDP) to post an expansion of 6% in the 2018/2019 fiscal term.
Some of the measures taken by the government to resume growth and reduce the budget deficit were fuels and energy subsidy cuts, besides the creation of new taxes.
*Translated by Sérgio Kakitani
