Egypt expects a GDP growth of 6 pct in next fiscal year: PM Mostafa Madbouly

Egypt is looking forward to a GDP growth of 6 percent during its 2019-2020 fiscal year, according to country’s Prime Minister Mostafa Madbouly.

Mostafa Madbouly opined that the economic reform program, adopted by Egypt in late 2016, ‘is necessary to save the country’s economy’.

The tough reforms, which have been backed by the International Monetary Fund’s 12-billion-dollar loan, included cuts in energy subsidies and the imposition of a value-added tax. “The bold reform measures have prevented economic disaster in Egypt,” the 52-year Egyptian leader said.

According to him, the rate of unemployment has dwindled to 8.9 percent in 2018 compared with 12.5 percent in 2016 before Egypt commenced its economic reform, he added. The Prime Minister reiterated his government has been pursuing financial aid and social housing programs, targeting low-income families, for reducing poverty rates, as reported by African Daily Voice.

“It’s our target in the coming period as a government to open more doors, make it more conducive and flexible for the private sector, whether from inside or outside the country, to play their planned and major role in the contribution to the growth of the economy,” he added. The country is further pushing to enhance the role of private sector and attract foreign investment to spur the economy.

Also Read: 6th Arab-Russian Cooperation Forum to take place in Morocco