The Egyptian government will increase spending in this year's budget by some LE 15 billion to face the expected impact of the current global financial crisis, Finance Minister Youssef Butros Ghali said on Friday 31/10/2008.
This sum will be channeled into supporting Egypt's exporting sector and local investors, Ghali said.
Ghali was addressing the NDP's specialized policies committees on investment and employment, within preparations for the NDP's fifth annual conference, to open on Saturday under the rubric "New Thinking for the Future of our Country."
He noted that prices will get down in light of an international downtrend covering energy and foodstuff.
Ghali added that the government aims at maintaining the high development rates of the Egyptian economy.
He expected the world to overcome the current financial crisis in two years, stressing the need to support banks and the private sector in the coming period.
Source: Egypt State of Information
Saturday, November 01, 2008
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