Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Egypt must achieve 7% growth rate to keep up with population growth: Meit  Join our daily free Newsletter

MENAFN - Daily News Egypt - 15/01/2017
No. of Ratings : 0
Add to Mixx!


(MENAFN - Daily News Egypt) Mohamed Meit deputy finance minister for the public treasury said that #Egypt needs to achieve growth rates of no less than 7% in order to keep up with the annual population increase which is currently at 2.5%. Meit made his comments during the Al-Ahram's conference 'The Egyptian #Economy on the Road to Development.'

Meit pointed out that the government pays special attention to the provision of making materials available for the benefit of national security with the current changes.

He noted that one of the foreign delegations have delayed their arrival to #Egypt after the attack on the St. Peter and St. Paul Church, adding that #Egypt must do more to enhance security measures in the country.

Meit noted that the economic crisis has shown the flawed policies followed by the state over the past few years, which basically relied on foreign support.

'One time, when I was working as an assistant to the health minister, the ministry requested the allocation of 15m; however, the ministry had difficulties obtaining this money before the prime minister had to intervene to solve the issue,' Meit said.

Meit said he expects the budget deficit of fiscal year (FY) 2016/2017 to exceed the targeted rate of 10% of the gross domestic product (GDP).

Mt said that his expectations are the result of the increase of petroleum prices to range between 56 and 57, compared to 40 when the budget was initially planned, in addition to the increase of the Egyptian pound's exchange price against the US dollar to EGP 18.6 instead of EGP 8.88 since the beginning of November 2016. Moreover, the increase of supply commodities allocations has resulted in higher expectations of the deficit.

In Al-Ahram's conference Meit said that it was decided that the debt cost in the budget would reach EGP 310bn after carrying out the procedures of the recent reforms by the state.

He said that allocations of wages and rates in addition to the subsidies of supply commodities, energy, and electricity represent more than 100% of the public revenue in FY 2016/2017, which is considered a burden on the state.

He pointed out that the Ministry of Finance is studying new procedures to protect the middle class.

'We give priority at the moment to supporting small- and medium-sized projects through a group of tax exemptions,' Meit said.

He also pointed out the necessity of solving the problems of the industrial sector through the provision of lands and utilities in order to make them attractive to investment.


 


Daily News Egypt




  MENA News Headlines
 Apr 24 2017 - Palestinian leader leaves KuwaitKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, April 24 (KUNA) -- Palestinian President Mahmoud Abbas has left Kuwait following a two-day official visit to the country, where he held official talks ...

 Apr 24 2017 - Kuwait- Juncker congratulates Macron on victory in 1st round of electionKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) BRUSSELS, April 24 (KUNA) -- The President of the European Commission Jean-Claude Juncker has congratulated the Centrist candidate in France's Presidential ...

 Apr 24 2017 - Kuwait- FM meets US Presidential EnvoyKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, April 24 (KUNA) -- Kuwaiti First Deputy Prime Minister and Foreign Minister Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah received in his office on Monday ...

 Apr 24 2017 - Int'l pledging conf. for Yemen is priority for KuwaitKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) GENEVA, April 24 (KUNA) -- Kuwait gives priority to a high-profile international pledging conference for Yemen in Geneva on Tuesday, a senior Kuwaiti diplomat ...

 Apr 24 2017 - Kuwait- Briefing of KUNA main news for Monday until 12:00 GMTKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT -- Visiting US Special Presidential Envoy for the Global Coalition to Counter the So-called Islamic State (IS) Brett McGurk said on Monday that Kuwait's ...

 Apr 24 2017 - Kuwait- Al-Jarallah departs to Switzerland for Yemen's humanitarian conf.Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, April 24 (KUNA) -- Kuwait's Deputy Foreign Minister Khaled Suleiman Al-Jarallah departed on Monday to Geneva to attend an international humanitarian ...

 Apr 24 2017 - France condemns deadly attack in AfghanistanKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) PARIS, April 24 (KUNA) -- France on Monday condemned a major deadly "terrorist" attack in Afghanistan that killed more than 100 people and wounded many others in ...

 Apr 24 2017 - Kuwait making much headway in IT - KUNA's chief editorKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) SHARM EL-SHEIKH, April 24 (KUNA) -- KUNA's Deputy Director-General for the Editorial Sector and Editor-in-Chief Saad Al-Ali on Monday said information technology ...

 Apr 24 2017 - Saudi- Foreign Minister receives Kazakhstan's CounterpartSaudi Press Agency
(MENAFN - Saudi Press Agency) Riyadh, Rajab 27, 1438, April 24, 2017, SPA -- Minister of Foreign Affairs Adel bin Ahmed Al-Jubeir received here today Kazakhstani Foreign Minister Khairat Abdul ...

 Apr 24 2017 - Saudi- World's first malaria vaccine to be tested in three African countriesSaudi Press Agency
(MENAFN - Saudi Press Agency) Johannesburg, Rajab 27, 1438, April 24, 2017, SPA -- The world's first malaria vaccine will be made available in Kenya, Malawi and Ghana starting in 2018, the World ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help