Egypt PM sees inflation in single digits in summer

Daily News Egypt
1 Min Read

SWEIMEH: Egyptian Prime Minister Ahmed Nazif said on Friday he expected inflation in Egypt to fall to single digit levels in the summer.

Inflation fell to 11.7 percent in the year to April from 12.1 percent in March, having exceeded 20 percent last year.

“We expect it to continue to go lower, to single digit numbers hopefully during this summer, Ahmed Nazif told Reuters Financial Television on the sidelines of the World Economic Forum at the Dead Sea, Jordan.

Nazif also said on Friday economic growth in the Arab country was likely to stay above 4 percent but 2010 would be a difficult year for the budget.

“There are certain fundamentals in Egypt that we can rely on at least to keep the economy growing, not maybe at the 7 percent that we’ve seen over the last three years but at least keep it above the 4 percent level which it is today, Nazif told Reuters Financial Television.

Egypt planned to spend an additional $3 billion in the second half of the year to extend its economic stimulus package, Nazif said.

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