Egypt’s government will focus on adopting administrative reform strategies and raising the efficiency of social safety net in order to push the economic growth rate to 3.2% in fiscal year 2014/2015, Minister of Planning Ashraf El-Araby said on a Saturday press conference.
The minister explained that the government is currently developing an administrative reform roadmap to improve the efficiency of government’s institutions, services and employees, adding that details of the plan will be announced on Thursday.
The country’s economic growth rate has been revolving around 2% during the past three years, El-Araby said, adding that if the interim government had not adopted the two economic stimulus packages, announced in 2013, growth rate would have been negative by the end of FY 2013/2014.
El-Araby made the remarks during a press conference to discuss the government’s FY 2014/2015 Social and Economic Development Plan.
With regard to the timing of the to be organised international conference, which will aim to discuss economic assistance to Egypt, El-Araby said that it will be determined after setting the date of the parliamentary elections.
The minister stressed that the conference will be held before the end of 2014.
Following Abdel Fattah Al-Sisi’s formal announcement as Egypt’s president in June, King Abdullah bin Abdulaziz Al-Saud of Saudi Arabia has called for a conference to economically support Egypt.
The government will explain at that conference the details of its economic orientation and reforming measures, aiming to lure investments, El-Araby said. “We will showcase investment opportunities in the energy sector as well as agriculture, industry and transportation sectors,” he noted.
El-Araby added that they will also focus on the needed investments in national projects the Suez Canal Development Project and the “Golden Triangle” Project in Upper Egypt.