Ex-FinMin: Egypt Sees 4% Economic Growth on 2nd Stimulus Package

Momtaz El-Saeed, the Former Finance Minister and a board member of the National Investment Bank expected that the Egyptian economy grows by more than 4% during the coming period, especially the last quarter of the current fiscal year of 2013/2014 affecting by the second stimulus package which applies by the government through its financial expansion program.

El-Saeed has informed Amwal Al Ghad in an exclusive that the second package which its value is EGP30 billion will contribute in stimulating the demand in order to boost the production and to reduce the unemployment rates in Egypt.

While he don’t see that the economy will grow within the third quarter of the current year due to the first package which the government pumped with EGP29.7 billion in the social benefits and governmental investments of the country’s budget as result of the negative effect of the economy.