Hisham Qandil Hails Egypt’s Participation in GCC

Prime Minister Hisham Qandil said on 18/9/2012 Egypt's participation in the Global Council on Competitiveness (GCC) will positively affect on the Egyptian economy. He made his remarks in the closing session of the 8th annual conference for competitiveness held by the Egyptian National Competitiveness Council. A host of businessmen and investors attended the event. Qandil expected that the budget deficit may reach up to LE 135 billion for the 2012/2013 fiscal year. "The government is currently trying to gap the budget deficit through more foreign resources with the support of International Monetary Fund, US, Saudi Arabia, Qatar Turkey, China and several other countries," Qandil said. The premier said the government is trying to lure more foreign investment by removing the current obstacles facing Arab and foreign investors.