Egypt expects to reduce budget deficit to 10%
Prime Minister Hazem al-Beblawy ( Archive )

 The Interim Egyptian government expected, Thursday, to manage reducing the budget deficit to 10 percent during the current fiscal year, an official statement declared.

The budget deficit reached 220 billion pounds, 14% of Egypt’s national GDP, according to the statement.

The government targets an economic growth rate of 3.5% and to bring unemployment down to 9% through a fresh package of urgent economic measures to perk up the economy and increase production.

To do this, the government said it will need to create around 800,000 new jobs for the nation’s workers.

Unemployment has reached a staggering 13 percent in the Arab world’s most populous country.

Egypt’s growth rate had reached 2 percent during the last three years, while this Arab country had received only $2 billion dollars in foreign direct investments.

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