Egyptian Government is Serious in Facing Economic Crisis

Minister of Planning Ashraf El Araby said the government targets reducing the budget deficit to 85% in the coming fiscal year, against 95 % this year. The government also plans to reform the tax system within the context of its economic reform program.

He said that taxes have been increased on six commodities only, namely cement, steel, communications, cigarettes and non-alcoholic beverages. Al Araby said the value of the assistance extended by Qatar to Egypt hit $5 billion, including a grant at a value of $ 1 billion.

The Minister stressed the government's seriousness in facing the economic crisis and structuring the energy system, through increasing energy prices for some industries such as cement, steel and not for citizens. He added that preparations are underway for holding the Egyptian-Iraqi joint committee, due to convene shortly in Cairo.