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Egypt's 2019/20 budget targets 6.5% GDP growth, 10.9% inflation   - Daily News Egypt

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Egypt’s 2019/20 budget targets 6.5% GDP growth, 10.9% inflation  

Plan requires increasing investment to about 25%, reducing unemployment gradually to 8%, through providing 900,000 jobs per year: Moeit


The Egyptian government targets a GDP growth of 6.5% in the coming fiscal year (FY) 2019/20 up from 5.3% in FY 2018/19, according to a press statement on Thursday.

The statement said that Egypt’s GDP stands at EGP 6.214tn, and the government targets an initial surplus of 2% before deducting the public debt value, which will decrease budget deficit to 7%, and inflation to 10.9% on annual basis.

Minister of Finance, Mohamed Moeit, said the 2019/20 budget will take into account the goals of the IMF-backed economic reform programme, and sustainable development plan, adopted by the government from 2018 until 2022. The plan aims to increase the country’s growth rate gradually until it reaches 8% in FY 2021/22.

Moeit noted that this requires increasing investment to about 25%, and reducing unemployment gradually to 8%, through providing about 900,000 jobs per year.

The development plan also aims to decrease poverty to 25%, and to reach a budget deficit of 5%, a trade deficit of 7.7%, and a public debt of less than 80% of the GDP.

Topics: budget inflation

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https://dailynewssegypt.com/2018/11/23/egypts-2019-20-budget-targets-6-5-gdp-growth-10-9-inflation/
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