Economic Development Minister Othman Mohammed Othman said at a press conference on 23/12/2008 that the Egyptian government was the forerunner of all the nations of the world to mitigate the effects of the economic crisis to pump L.E 15 million by 2% of gross domestic product to support infrastructure and the creation of new jobs in addition to another package of measures which helped for not collapsing growth rates and keep on the rate of almost 5% while maintaining the sustained development during the global crisis, pointing to low inflation rate of less than 10% during the current fiscal year 2008-2009 and work for up to 6% during the coming period.
The poverty rate in Egypt has declined by 18.9 percent in 2007-2008 versus 23.4 percent in 2004-2005, Minister of Economic Development Othman Mohamed Othman said.
This is due to the 7 percent rise in economic growth rates within the past three years, he said Monday night.
Some 8.5 million people benefited from the rising economic growth rates and the number of poor dropped by 1.8 million people, he said.
Othman was speaking at a workshop on the results of a study on income and spending. It was conducted by Egyptian and World Bank experts.
Meanwhile, Othman said the government will pump more funds to increase investment spending although the measure would affect the State's budget.
The minister said the government has already pumped 15 billion pounds to encourage investments and reduce unemployment rate as part of measures to deal with the world economic crisis.
During "the development in Egypt and world challenges" symposium on Tuesday at the National Planning Institute, Othman said Egypt had started early measures to deal with the world crisis.
He said the banking system in Egypt is strong and safe, supported by a liquidity enabling it to intervene to face any deficit in the balance of payment and reduce inflation rate.
Source: Egypt State of Information
Wednesday, December 24, 2008
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