Egypt seeks GDP growth by 6 pct in 2019/20 FY: PM

Source: Xinhua| 2019-04-17 03:00:27|Editor: Mu Xuequan
Video PlayerClose

CAIRO, April 16 (Xinhua) -- Egypt is seeking a GDP growth of 6 percent during its 2019/20 fiscal year, Egypt's Prime Minister Mostafa Madbouly said on Tuesday.

He said 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 imposition of a value-added tax.

"The bold reform measures have prevented economic disaster in Egypt," the prime minister said.

The unemployment rate has declined to 8.9 percent in 2018 compared with 12.5 percent in 2016 before the country began its economic reform, he added.

Madbouly reiterated his government has been pursuing financial aid and social housing programs, targeting low-income families, for reducing poverty rates.

Meanwhile, Egypt is pushing ahead for boosting the role of the private sector and attracting foreign investment to spur the economy.

"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.