CAIRO: Minister of Finance Hany Kadry will visit Washington on April 9 to review the situation of the Egyptian economy, according to a statement released on the ministry’s homepage Wednesday.
Kadry will also reviewed potential opportunities and reforms adopted by the Egyptian interim government in the presence of a number of senior officials from large U.S. companies and members of the American Chamber of Commerce.
Egypt suffered dramatic economic problems since former President Hosni Mubarak stepped down in the wake of the January 25 Revolution with more than 240 billion EGP budget deficit during the end of the fiscal year of 2012-2013.
Since he took office in early March, Kadry said the budget deficit is expected to reach between 11 to 12 percent of the country’s GDP in the 2013-2014 fiscal year, according to state-owned Middle East News Agency (MENA.)
Kadry faced many challenges due to the significant decline in economic performance in light of the escalated strikes and social demands. Egypt’s budget deficit surged up to 13.7 percent of the country’s GDP last year, compared to 7.5 percent in 2010-2011.
“A balanced policy – not one of austerity – would be adopted,” Kadry said, reiterating the need to change the economic policy in general, according to MENA.