Egypt aims to reduce poverty to 18 pct, increase income by 4 pct

Daily News Egypt
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Egypt Minister of Economic Development Osman Mohamed Osman said the development plan for 2010/11 aims at reducing poverty rate to 18 percent, compared with 22.5 percent in 2005, and increase the average income per capita by around 4 percent.


Osman said Tuesday in a statement that the plan seeks to intensify development programs directed to upper Egyptian governorates and rural areas with the aim of bridging the social gap among the country’s provinces and rural and urban areas.

Besides, the economic development plan, to be implemented as of Thursday, aims at reaching a real economic growth rate of 5.8 perecnt, he said.

The plan also aims at increasing private investments during the coming fiscal and foreign direct investments to around $8 billion, he added.

The plan is intended to provide around 710,000 job opportunities with the aim of reducing unemployment rate to 9 percent and to maintain the budget deficit rate at less than 8 percent of the GNP, he said.

Commodities and services exports will be rise by 17 percent and upping foreign currency reserves by around $36.5 billion by the end of June 2011, he added.

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