Egypt Sees 3.5% Economic Growth in FY13/14 – Minister

Egyptian Minister of Planning Dr. Ashraf Al-Araby Says said the government is targeting 3.5% economic growth this fiscal year, compared with 2% recorded in FY 2012/13.

On the sidelines of a conference held on Monday to discuss Egypt’s upcoming  constitution, the Egyptian minister told reporters that despite the state of economic recession witnessed by the country during the last three years, the government managed to achieve economic growth of 2%.

The minister also revealed that the government is set to announce the second tranche of the economic stimulus package, which will go for funding investment and current spending, in addition to the implementation of minimum wages and expansions of infrastructure projects in transport and housing sectors.