Global Arab Network | Egypt aims to reduce poverty to 18%, increase income by 4%

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Egypt aims to reduce poverty to 18%, increase income by 4%

Global Arab Network - - Gamal Ragay

Thursday, 01 July 2010 08:28

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Egypt Minister of Economic Development Dr Othman Mohamed Othman said the development plan for 2010/2011 aims at reducing poverty rate to 18%, compared with 22.5% in 2005, and increase the average income per capita by around 4%.

In press statements in Cairo on Tuesday 29/06/2010, Othman said the plan seeks to intensify development programs directed to upper Egyptian governorates and rural areas with the aim of bridging the social gap among the country's provinces and rural and urban areas.

Besides, the economic development plan, to be implemented as of Thursday, aims at reaching a real economic growth rate of 5.8%, he said.

The plan also aims at increasing private investments during the coming fiscal and foreign direct investments to around eight billion dollars, he added.

Furthermore, the plan is intended to provide around 710,000 job opportunities with the aim of reducing unemployment rate to 9% and to maintain the budget deficit rate at less than 8% of the GNP, he said.

The plan also includes developing commodities and services exports by 17% and developing foreign currency reserves by around 36.5 billion dollars by the end of June 2011, he added.(SIS)

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