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Minister of Finance reassures EFG-Hermes on economy prospects

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Minister Ahmed Galal discussed in a conference call with EFG-Hermes the government’s plans to boost economy and encourage investors

Minister of Finance Ahmed Galal  (Photo from Centre for International Governance Innovation website)

Minister of Finance Ahmed Galal
(Photo from Centre for International Governance Innovation website)

Finance Minister Ahmed Galal reiterated, in a conference call that took place on 23 September with the Egyptian Financial Group-Hermes Holding company, the interim government’s plans to propel the country’s economy, improve investment ambiance and restore tourism, according to a company’s statement.

Galal said the government targets a gross domestic product of 3% to 3.5% in the current fiscal year of 2013-2014, which started 1 July, up from last year’s 2.2%. He said this would be achieved through fiscal and monetary stimulus as well as restoration of tourism and security. He also said inflation will remain within the 10% mark, and projected fiscal deficit will witness a decrease of around 4% from last year’s 10%, relying mostly on aid from the Gulf states and a lower subsidy bill.

The minister also confirmed that the interim government views the transition period as foundational, and that it is focusing on steering the economy towards a clear path of recovery to be ready for take-off by the time an elected government comes into place by mid-2014, the statement said.

Galal also spoke of the $3.1bn fiscal stimulus that was introduced to push the economy forward. He also highlighted the government’s vision to adopt policies responding to social justice demands since the 25 January Revolution, one of which was setting minimum income for public sector workers.

  • prof dr m s s namaki

    EFG products and strategies do not match the economic environment of Egypt of today. Encouraging them to continue may not be realistic. Let us get the basics right first!!

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