CAIRO: Prime Minister Ibrahim Mahlab said Egypt’s GDP growth rate in the current fiscal year is expected to rise to four percent while the overall budget deficit will shrink to 10 percent of GDP, Youm7 reported Wednesday.
Speaking at the closing session of the third edition of The Government Summit in Dubai, Mahlab said “Thanks to recent economic reform policies, confidence is returning to the Egyptian economy which was battered by three years of political turmoil.”
Mahlab, who leads the Egyptian delegation in the summit, said that Egypt’s economic vision is based on several factors including “reducing the budget deficit through redirecting energy subsidies to the neediest portions of the Egyptian society and addressing obstacles that impede foreign investments through reforming and issuing fair laws to settle financial disputes.”
Egypt’s new economic policy also supports investment projects that create job opportunities for the youth, said Mahlab, who praised the UAE government, saying that “the UAE with its pioneer efficient government services, is a global unique model.”
UAE’s Government Summit is an annual gathering of heads of governments that focuses on how governments can address economic challenges and develop governmental services provided for their citizens.
This year’s conference is held under the slogan “Shaping future governments.”
During his speech Tuesday, UAE Foreign Minister Sheikh Abdullah bin Zayed al-Nahyan affirmed his country’s support for Egypt in its development plans and stressed that Egypt’s stability would have a positive impact on the Middle East countries, Youm7 reported.
Having pledged more than $12 billion in loans and donations, the UAE, Saudi Arabia and Kuwait have become major donors for Egypt following the ouster of President Mohamed Morsi in 2013.
Mahlab is scheduled to meet with Crown Prince of Abu Dhabi Sheikh Mohamed Bin Zayed Al Nahyan, Vice-President and Prime Minister of the UAE Sheikh Mohammed bin Rashid Al Maktoum and a number of UAE senior officials, according to the website of Egypt’s State Information Service (SIS.)
Mahlab also invited an array of UAE businessmen and investors to take part in the Egypt Economic Development Conference, scheduled to be held in Sharm al-Sheikh in March.