From the Newsroom*<\/p>\n
São Paulo – The Egyptian government estimates that the country’s Gross Domestic Product (GDP) will be up 3.8% in the next fiscal year (2013-2014), due to start in July. According to news agency Reuters<\/em>, the projection is included in the budget proposal submitted this Tuesday (23rd) to the Upper House of Parliament by the minister of Planning, Ashraf Al-Araby.<\/p>\n According to Reuters<\/em>, the forecast is slightly lower than the one issued recently by the minister himself – of 4% growth -, but higher than the 2.5% projection for the current fiscal year (2012-2013), which ends in June.<\/p>\n Also according to the news agency, the Finance minister Al-Mursi Al-Sayed Hejazy laid out the specifics of a proposal to raise taxes and cut spending. The government intends to save up 36.3 billion Egyptian pounds (US$ 5.25 billion) through the rationing of subsidies to fuels. Starting on July 1st, consumers will only be allowed to buy subsidized fuel up to certain amounts, above which there will be no subsidy. <\/p>\n Egypt is negotiating a US$ 4.8 billion loan from the International Monetary Fund (IMF), and the institution is demanding fiscal austerity measures from the country. A study presented recently by the Fund’s Middle East and Central Asia director, Masood Ahmed, says fuel subsidies are harmful to a country’s economy. <\/p>\n *Translated by Gabriel Pomerancblum<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" The projection for the 2013-2014 fiscal year, which starts in July, is a part of the budget proposal that the government has submitted to the Parliament.<\/p>\n","protected":false},"author":2316,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[91],"tags":[],"class_list":{"0":"post-44569","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economy"},"wps_subtitle":"The projection for the 2013-2014 fiscal year, which starts in July, is a part of the budget proposal that the government has submitted to the Parliament.","_links":{"self":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/44569","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/users\/2316"}],"replies":[{"embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/comments?post=44569"}],"version-history":[{"count":0,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/posts\/44569\/revisions"}],"wp:attachment":[{"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/media?parent=44569"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/categories?post=44569"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anba.com.br\/en\/wp-json\/wp\/v2\/tags?post=44569"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}