Egypt: Cabinet Approves State’s Budget, Development PlansSource: www.export-egypt.com 3/31/2016, Location: Africa |
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The Cabinet, under Prime Minister Sherif Ismail, approved the draft on the state's general budget and the economic and social development plan for the fiscal year 2016/2017.
A statement by the Cabinet said the draft aimed at solving the issues hindering the growth of Egyptian economy, topped by competitiveness in order to help contribute to the rise of employment rates and the state's resources, as well as ease current pressures on the budget. The budget's draft notes that despite big challenges facing Egypt's economy, long strides were achieved in a short time with regard to increased growth rate, decreased unemployment rate and stable inflation rates, among other indicators. A number of constructional measures were taken to help regain trust in Egypt's economy, including the development of the wages system, enhancing control on customs outlets, reforms in the energy sector and expansion in investments financed by the state's public treasury to hit the level of 25 percent. The draft seeks the implementation of the government's economic program on the medium range by means of regaining balances at the level of macro-economy as well as legislative reforms. As for the economic and social development plan for the new fiscal year, it targets a growth rate of 5.2 percent, compared to 4.6 percent in the current fiscal year. The plan also addresses the necessity of providing infrastructure needed to support small and medium-sized enterprises (SMEs) to allow them contribute to the final results of the gross domestic product. It also targets achieving positive growth rates in a number of sectors, including construction, communications, information technology, electricity and transport. |
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