CAIRO: Finance Minister Hany Kadry said on Monday that the Finance Ministry was “Brotherhoodized” during the one-year rule of ousted Islamist President Mohamed Morsi.
“Egypt has been facing a confidence crisis in its economy since 2011 and we are working on restoring trust in our economy to lure foreign investments,” Kadry said in an interview with CBC private satellite channel.
He said that the unemployment rate hit 25 percent and the budget deficit is not less than 12 percent of the gross national product.
“The inflation rate has reached 10 percent,” he said worryingly.
The economy achieved a 1.2 percent growth during the first quarter of the present fiscal year, but the target is 6 percent to be able to provide jobs, he stressed.