Egypt targets 6% growth in 5 years: finance minister
Finance Minister Hani Kadry - YOUM7/Sami Waheeb

CAIRO: Egypt is targeting a 6 percent growth rate by FY 2018/2019 through adopting an economic development plan and activating new economic policies, Minister of Finance Hani Kadry told European ambassadors in Cairo Friday, according to a statement from the ministry.

During his meeting with EU Delegation to Egypt chief James Moran and other EU ambassadors, Kadry reiterated that the government is giving priority to implementing investment and development projects through partnerships with the private sector.

“This will boost the international financial institutions’ confidence in Egypt’s economy as well as the country’s commitment to its obligations to such bodies, including the European Investment Bank and the European Bank for Reconstruction and Development,” said the minister.

Egypt’s GDP grew by 2.2 percent in FY 2013/2014, but the minister said he aims to achieve 3.5 percent growth during FY 2014/2015. The number is close to the International Monetary Fund’s (IMF) forecast of 3.3 percent growth during the current fiscal year.

Kadry further noted that the Ministry of Finance also aims to cut the budget deficit to 10.5 percent of GDP this year, compared to its 12.6 percent in FY 2013/2014.

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