Global Arab Network | Egypt: economic growth to drop to 3.5 %

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Egypt: economic growth to drop to 3.5 %

Monday, 14 February 2011 00:56

Egypt (Cairo) - Affected by the recent political unrest, the Egyptian economy growth rate is expected to decline to 3.5percent this fiscal year compared with 5.8 percent last year, Egypt's Finance Minister Samir Radhwan announced Sunday.

The government is now trying to keep the state budget deficit at its current and still safe level, 7.9 percent, Radhwan said in a joint press conference with Prime Minister Ahmad Shafiq.

He added that the government had also taken a number of measures to compensate those who were harmed by the events.

These measures included a LE five billion compensations fund and an emergency fund to be affiliated to the Manpower Ministry, Radhwan revealed.

Moreover, the government would also increase the civil servants pay by 15 percent as of April and exempt private sector from the interests rates related to the delay in paying insurance premiums and sales taxes, he said.

A number of measures would also be taken to support importers and taxpayers would be allowed to pay their tax on batches, the minister added. (Agencies)

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