Egypt's golf chief Omar Hisham Talaat elected to Arab Golf Federation board    Egypt extends Eni's oil and gas concession in Suez Gulf, Nile Delta to 2040    Egypt, India explore joint investments in gas, mining, petrochemicals    Egypt launches National Strategy for Rare Diseases at PHDC'25    Egyptian pound inches up against dollar in early Thursday trade    Singapore's Destiny Energy to invest $210m in Egypt to produce 100,000 tonnes of green ammonia annually    Egypt's FM discusses Gaza, Libya, Sudan at Turkey's SETA foundation    UN warns of 'systematic atrocities,' deepening humanitarian catastrophe in Sudan    Egypt's Al-Sisi ratifies new criminal procedures law after parliament amends it    Egypt launches 3rd World Conference on Population, Health and Human Development    Cowardly attacks will not weaken Pakistan's resolve to fight terrorism, says FM    Egypt's TMG 9-month profit jumps 70% on record SouthMed sales    Egypt adds trachoma elimination to health success track record: WHO    Egypt, Latvia sign healthcare MoU during PHDC'25    Egypt, India explore cooperation in high-tech pharmaceutical manufacturing, health investments    Egypt, Sudan, UN convene to ramp up humanitarian aid in Sudan    Egypt releases 2023 State of Environment Report    Egyptians vote in 1st stage of lower house of parliament elections    Grand Egyptian Museum welcomes over 12,000 visitors on seventh day    Sisi meets Russian security chief to discuss Gaza ceasefire, trade, nuclear projects    Egypt repatriates 36 smuggled ancient artefacts from the US    Grand Egyptian Museum attracts 18k visitors on first public opening day    'Royalty on the Nile': Grand Ball of Monte-Carlo comes to Cairo    VS-FILM Festival for Very Short Films Ignites El Sokhna    Egypt's cultural palaces authority launches nationwide arts and culture events    Egypt launches Red Sea Open to boost tourism, international profile    Qatar to activate Egypt investment package with Matrouh deal in days: Cabinet    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Sisi expands national support fund to include diplomats who died on duty    Madinaty Golf Club to host 104th Egyptian Open    Egypt's PM reviews efforts to remove Nile River encroachments    Al-Sisi: Cairo to host Gaza reconstruction conference in November    Egypt will never relinquish historical Nile water rights, PM says    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt achieves great improvement in economic conditions: El-Garhy
Egypt's growth rate increases to 4.8% in Q4 of the current fiscal year, says finance minister
Nihal Samir Published in Daily News Egypt on 09 - 11 - 2017

Minister of Finance, Amr El-Garhy said that Egypt has achieved a great improvement in economic conditions that lead to increasing growth rate, decreasing unemployment rate, the reducing the initial deficit by 50% in 2016/2017, which eventually brought back investors confidence.
This came on the sidelines of the International Monetary Fund (IMF) delegation visit to Egypt for the second periodic review of the Egyptian economic reform program.
The delegation's agenda included more than one meeting with El-Garhy, to discuss the Egyptian economic reform program progress, and the extent to which the agreed economic and financial targets are achieved in preparation for the third tranche of the $2bn IMF loan.
According to El-Garhy, economic growth rates increased reaching 4.8% in Q4 of 2016-2017, unemployment rates decreased reaching 11.9% in June 2017 compared to 12.7% in the same period of the year before.
Furthermore, the initial deficit reduced by 50% in 2016-2017 to reach 1.8% of the GDP compared to 3.6% of GDP in 2015/2016.
The value of foreign exchange reserves increases to record more than $36bn which covers about 7 months of the essential commodity imports, said El-Garhy.
Vice Minister of Finance Ahmed Kouchouk, said that the minister has assured the IMF that it will work to achieve initial surplus through 2017-2018 for the first time since years.
Moreover, Kouchouk assured the IMF delegation that the ministry will work on reducing the government debt to about 98% of GDP.
The discussions also include a presentation of the financial indicators for the Q1 (July-September) of 2017/2018, explaining that the initial deficit during Q1 of the current fiscal year was about 0.2% of GDP compared to 0.6% of GDP during the same period of the last fiscal year.
In addition to the increase of the total revenues by about 33.2% compared to the same period last year, while the total public expenditure increased by 24.4%.
Finance officials assured the IMF delegation that target results for the current fiscal year came within the framework of the government commitment to meet the government's objectives to decrease the deficit by 5.5% of the GDP within three years.

Clic here to read the story from its source.