Economy recovering, no taxes to be imposed on expatriates – finance minister
Finance Minister Hani Kadry - YOUM7/Sami Waheeb

RIYADH: Indicators began to show recovery of the Egyptian economy, said Finance Minister Hani Qadri Demian.

He, meanwhile, denied that taxes will be imposed on Egyptian expatriates.

There is also no intention to get a loan from the International Monetary Fund (IMF) at the current time, the minister added in an interview with the Saudi Okaz newspaper.

The minister extended thanks to Saudi King Abullah Bin Abdul-Aziz for the aid offered to Egypt and his support to the Egyptian economy.

The Egyptian people will never forget the stance of the Saudi king and all the countries which stood beside Egypt in its crisis, he added.

Talking about the Egyptian economy, the minister said that the government is currently adopting a program in order to flourish the economy.

The program aims to reduce the deficit, which currently stands at 12 percent, to 2 percent, he went on to say.

Asked about the budget deficit and the general debt, the minister said that it is premature to declare about the details of the budget deficit and the debt.

Concerning the challenges facing the Egyptian economy, the minister said that the national economy is facing several challenges including the increase of inflation rates, which hit 10 percent.

The government is currently focusing on luring investors to the Egyptian market, he added.

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