FILE - President Abdel Fatah al-Sisi
CAIRO – 10 January 2018: President Abdel Fatah al-Sisi said Wednesday that economic reforms should reflect positively on the livelihoods of Egyptians, stressing on the importance of addressing the economy’s structural deficits.
This came during his meeting with Acting Prime Minister Mostafa Madbouly and Finance Minister Amr el-Garhy Wednesday.
Sisi further directed the government to follow up on various economic indicators and evaluate economic reform measures periodically to ensure they are achieving the targeted goals, according to a statement from the presidency.
The meeting reviewed economic performance during the first half of fiscal year 2017/18, with Garhy saying that the results show that the primary deficit dropped to 0.3 percent of GDP, compared to 1.1 percent in the same period last year.
Garhy added that the first half of 2017/18 has seen an improvement in curbing the budget deficit, which fell to 4.4 percent, from five percent last year.
He further said that state revenues have increased, achieving an annual increase of 38 percent during the first half of 2017/18 and that tax revenues have grown by around 61 percent, compared with 12 percent last year.
Government’s investments have also grown by 24 percent in the same period to reach LE 33.9 billion, Garhy said.
The Finance Minister has also reviewed the measures taken to subsidize goods and enhance social protection programs to alleviate burdens on people.
He said that allocations for food subsidies have increased in the first half of 2017/18 by 65 percent to stand at LE 23.3 billion.