Minister of Finance Amr al-Garhi stated on Sunday that the Egyptian government is working on a medium-term plan to cut public debt levels from 107 percent of GDP in fiscal year 2016/2017 to 80 percent by 2020, after public debts level rose fivefold over the past five years from LE 800 million. He said that he expects Egypt to witness a significant rise in living standards during the next fiscal year. “Improving living standards, creating more suitable job opportunities and reducing the unemployment rate, which is clearly declining, are among the top priorities of the government,” the minister said. He further explained that the unemployment rate has dropped from 13 percent to 11 percent this year, amid reform measures taken by the government. “At the moment, we cannot put pressure on the citizens, but we are working to channel part of the government subsidy to support social protection programmes and other investment projects,” al-Garhi said.

Source: Egypt Independent May 08, 2018 11:03 UTC