By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
    TikTok updates its community guidelines
    March 23, 2023
    IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
    IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
    March 23, 2023
    Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
    Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
    March 23, 2023
    EFG Hermes records EGP 11bn revenue in FY22
    EFG Hermes records EGP 11bn revenue in FY22
    March 23, 2023
    Egyptian Environment Minister discusses cooperation with WFP representative in Cairo 
    Egyptian Environment Minister discusses cooperation with WFP representative in Cairo 
    March 23, 2023
  • Politics
    PoliticsShow More
    Egypt's Health Minister discuss bilateral cooperation with an Italian delegation 
    Egypt’s Health Minister discuss bilateral cooperation with an Italian delegation 
    March 23, 2023
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    March 22, 2023
    Turkish President  Recep Tayyip Erdoğan and Egypt President Abdel-Fattah Al-Sisi met in Doha
    Opinion| Türkiye and Egypt: For better times with many opportunities
    March 22, 2023
    Drought caused 43,000 deaths in Somalia in 2022: UN
    Drought caused 43,000 deaths in Somalia in 2022: UN 
    March 22, 2023
    Opinion| The Chinese dragon occupies America's place in the Middle East
    Opinion| The Chinese dragon occupies America’s place in the Middle East
    March 22, 2023
  • Interviews
    InterviewsShow More
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    December 27, 2022
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Egypt achieves great improvement in economic conditions: El-Garhy
Share
Notification
Latest News
Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
TikTok updates its community guidelines
Business
Strong representation of women in TV series of Ramadan 2023
Strong representation of women in TV series of Ramadan 2023
Culture Cinema
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
Business
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Business
EFG Hermes records EGP 11bn revenue in FY22
EFG Hermes records EGP 11bn revenue in FY22
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Economy > Egypt achieves great improvement in economic conditions: El-Garhy
Economy

Egypt achieves great improvement in economic conditions: El-Garhy

Nehal Samir
Last updated: 2017/11/08 at 10:54 PM
By Nehal Samir 3 Min Read
Share
Egypt's Minister of Finance Amr El-Garhy speaks during an American Chamber of Commerce in Egypt luncheon in New York, U.S., October 16, 2017. REUTERS/Brendan McDermid
SHARE

Minister of Finance, Amr El-Garhy said that Egypt has achieved a great improvement in economic conditions that lead to increasing growth rate, decreasing unemployment rate, the reducing the initial deficit by 50% in 2016/2017, which eventually brought back investors confidence.

This came on the sidelines of the International Monetary Fund (IMF) delegation visit to Egypt for the second periodic review of the Egyptian economic reform program.

The delegation’s agenda included more than one meeting with El-Garhy,  to discuss the Egyptian economic reform program progress, and the extent to which the agreed economic and financial targets are achieved in preparation for the third tranche of the $2bn IMF loan.

According to El-Garhy, economic growth rates increased reaching 4.8% in Q4 of 2016-2017,  unemployment rates decreased reaching 11.9% in June 2017 compared to 12.7% in the same period of the year before.

Furthermore, the initial deficit reduced by 50% in 2016-2017 to reach 1.8% of the GDP compared to 3.6% of GDP in 2015/2016.

The value of foreign exchange reserves increases to record more than $36bn which covers about 7 months of the essential commodity imports, said El-Garhy.

Vice Minister of Finance Ahmed Kouchouk, said that the minister has assured the IMF that it will work to achieve initial surplus through 2017-2018 for the first time since years.

Moreover, Kouchouk assured the IMF delegation that the ministry will work on reducing the government debt to about 98% of GDP.

The discussions also include a presentation of the financial indicators for the Q1 (July-September) of 2017/2018, explaining that the initial deficit during Q1 of the current fiscal year was about 0.2% of GDP compared to 0.6% of GDP during the same period of the last fiscal year.

In addition to the increase of the total revenues by about 33.2% compared to the same period last year, while the total public expenditure increased by 24.4%.

Finance officials assured the IMF delegation that target results for the current fiscal year came within the framework of the government commitment to meet the government’s objectives to decrease the deficit by 5.5% of the GDP within three years.

 

You Might Also Like

DNE Awards honours e-Finance Investment Group as Most Influential in Digital Transformation

IMF to reach Staff Level Agreement with Egypt very soon

IMF reaches Staff-Level Agreement with Tunisia on $1.9bn Extended Fund Facility

Minister of Finance, Korean Ambassador welcome expansion of Korean companies in Egyptian market

We aim to reduce debt-to-GDP ratio to 75% by 2026: Minister of Finance

TAGGED: Amr El-Garhy, minister of finance, ” economic conditions
Share this Article
Facebook Twitter Email Print
Previous Article Military Production Ministry handles bread, supply commodities system
Next Article Sahar Nasr, met with Finland's Foreign Minister Timo Soini Investments worth $40bn on the sidelines WYF
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
TikTok updates its community guidelines
Business
Strong representation of women in TV series of Ramadan 2023
Strong representation of women in TV series of Ramadan 2023
Culture Cinema
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
Business
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?