Breaking News

Egypt aims to achieve 4.6% growth next year

The Ministry of Planning, Follow-up and Administrative Reform said that Minister Hala Al-Saeed will participate in the first sessions of the discussion of the Committee of the Plan and Budget in the House of Representatives on the plan of economic and social development for 2017-2018.

She added in a press statement that the main objectives of the plan are to achieve a real increase in gross domestic product by about 156 billion pounds, an expected economic growth of 4.6% and a reduction of unemployment to 11.2%.

Egypt has provided an IMF economic program, targeting growth of 5-6% over the medium term, which will reduce unemployment to about 10% in 2018-2019 and then to about 6.7% in 2020-2021.

In its plan, the government intends to raise the target investment rates, including the increase of total investment by 22% and government by 49%, and the private sector by 41%.

The statement said that the government intends to increase government spending directed to the sectors of health, education and scientific research to implement the constitutional entitlements.

Projects that meet the objectives of the sustainable development strategy will continue to be implemented: Vision 2030. In addition to completing the projects included in the government program until June 2018.

The statement added that the focus will be on the necessary and urgent investment needs, and give priority to the completion of the implementation of suspended or ongoing projects of the highest priority, which directly affect the improvement of the standard of living of citizens and completion of the implementation rates of more than 70%.

The Central Agency for Public Mobilization and Statistics said that the rate of unemployment fell during the first quarter of this year to 12% compared to 12.4% in the fourth quarter of 2016, and 12.7% in the same quarter of the previous year.

The Ministry said that the criteria do not include the inclusion of any project plan only after confirmation of the existence of a real feasibility study, indicating the size of the total costs and the duration of implementation and sources of funding.

As well as taking into account the spatial dimension of the distribution of targeted investments to achieve equitable distribution of services provided to the citizen, and achieve a qualitative shift in the most needy governorates and villages, especially in social housing, drinking water, sanitation and electricity.

Also Egypt has bought 1.7 million tonnes of domestic wheat since the opening of the supply line until yesterday, the ministry said.
The Ministry of Supply opened the door to supply wheat to farmers in mid-April.

Egypt aims to increase domestic wheat production from 8 million tonnes to 10 million tonnes over the next three years.
Minister of Supply Ali al-Meselhi said he expected to buy about 3.8 million tonnes of wheat from local farmers this season.

 Egypt, the world's largest importer of wheat, consumes around 15 million tonnes of wheat annually, according to government data.
The quantities of wheat supplied by farmers amounted to about 5 million tons during the 2016 season and about 5.3 million tons during the 2015 season, compared to about 3.7 million tons in 2014.

Powered by Blogger.