Ashraf al-Arabi: Economy Able to Rebound

Minister of Planning and International Cooperation Ashraf al-Arabi said on 03/09/2013 that the Egyptian economy has the ability to recover at high rates enough to provide job opportunities for young people. He stressed that the current situation is very serious and requires pooling all efforts together for dealing with the various political, social and economic issues.

He also asserted that combating poverty requires reforming the subsidy system and its mechanisms, which had no result over the past decades despite large allocations. The minister said that more effective mechanisms should be in place. He wondered whether the society would accept the transition to financial subsidy gradually while maintaining its value over the years.