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Budget records: Egypt economy emerges from the recession.
Created: Sep 10, 2010,
modified: Jan 13, 2012,
overall rating: 0.000
Egypt (Cairo) - Dr. Youssef Butros Ghali, the Egyptian Minister of Finance, said figures of the State General Budget in the new fiscal year confirm that the Egyptian economy has recovered.
Elaborating, he said that the budget deficit declined to L.E. 11.5 billion in July compared to L.E. 14.8 billion in July last year.
Ghali said that the deficit declined by L.E. 3.3 billion, adding that the total revenues collected from sales tax rose to L.E. 11 billion and customs revenues rose to L.E. 1.2 billion.
New Investments worth L.E. 256 Billion
Dr. Othman Mohamed Othman, the Minister of Economic Development said the current fiscal year's plan comprises the injection of new investments worth L.E. 256 billion, up 19 % than last year's investments. This is with the aim of expediting the implementation of President Mubarak's electoral platform.
The Minister of Economic Development told a seminar organized by 'Al-Ahram' newspaper that the government aims to inject L.E. 40 billion worth of government investments, to carry out 25 programmes for supporting infrastructures and enhancing humanitarian resources development.
The Minister said the Presidential electoral platform gives more attention to issues related to the poor and upgrading living standards. He referred to a survey conducted by the Central Agency for Public Mobilization and Statistics, indicating that poverty rates have declined during the past six years.
He said however that 6.5 million people fell under the poverty line once more because of the implications of the world financial crisis and high prices of food commodities.
The Minister of Economic Development said the government's main concern is how to reach the poor in order to develop them and raise their living standards.
The Minister said the government has pinpointed the poorest 1000 villages, for which additional resources have been channeled and for whose citizens - social solidarity cards were provided.
(MAP, agencies)
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