5.2 % Rate of Growth, Currency Reserve Goes up

The growth rate has risen for the first time after January 25th Revolution to reach 5.2 per cent in the third quarter of the current fiscal year compared to 4.3 percent in the same period of fiscal year 2010/2011, Minister of Planning and International Cooperation Fayza Abul-Naga said.

The government added that rates of growth would be back to previous standards in all fields and that strong push would be given to national and foreign direct investments Fayza Abul Naga told a press conference following a meeting on Monday 21/5/2012 by the cabinet under Prime Minister kamal el Ganzouri.

The government affirmed that the Egyptian economy is recovering and monetary policies are successful and protected Egypt against crises and maintained the value of the Egyptian pound in addition to lowering the foreign debt from $35 billion to 33 billion.

The situation of the foreign currency improved and went up from $15.1 billion to $1.2 billion. She added that indications of the economic performance are positive during the third quarter of the present fiscal year as rate of growth went up to 5.2 compared to 4.3 percent of the same period last year.

Measures to lower the deficit in state budget worked out after applying the policy of rationalization on expenditure which totaled LE 25 billion, the matter which meant containing inflation and facing any increase in prices. Abul-Naga said she was optimistic with the first fair presidential election taking place Wednesday and Thursday.