Cairo - Mubasher: The Egyptian minister of finance said that the country’s strategy in the upcoming period is targeting sustainable growth rates between 6% and 7%, to help reduce inflation.
The budget proposal for next year targets an initial surplus of 0.2%, which is a huge achievement, Minister Amr El-Garhy said in a statement on Saturday.
Between fiscal year 2011/2012 to 2014/2015 we were heavily dependent on loan financing, and the debt is currently the biggest challenge, the minister indicated.
The government aims supporting investments across all fields, to strengthen the economy and lower unemployment, El-Garhy added, noting that the strategy is to raise public revenues next year from EGP 813 billion to EGP 989 billion, with a rise in wages from EGP 240 billion to EGP 266 billion, taxes from EGP 620 billion to EGP 770 billion, while deficit is targeted to reach 4% by 2020 despite plans to increase subsidies allocations, with a focus on lower income families, industries, and production.
