Egypt on the right path of economic reform: Finance minister

CAIRO-15 May 2017:The latest development indicators prove that Egypt is on the right path towards economic reform, Minister of Finance Amr al-Garhy stated Monday during a hearing session at the House of Representatives.

The state will witness an economic breakthrough within 18 months, Garhy revealed.

The hearing was scheduled by the parliament’s economic committee to discuss the specialized funds, which, according to Garhy, account for 33 million EGP ($ 1.82 billion).

“We sometimes use the funds to bridge the budget deficit,” the minister said, pointing out that specialized funds are managed efficiently, and that the margin of error never exceeds 20 percent.

Garhy denied prior rumors that claimed the budget of specialized funds had reached 600 billion EGP, pointing out a continuous increase in the size of the funds between 2013 and 2017.