Government plans lowering Egypt’s GDP financial deficit to 8.5% by 2018-19

Egyptian government targets lowering financial deficit to 8.5 percent of country’s GDP by the end of fiscal year 2018-19, Trade and Industry Minister Tarek Qabil said Monday. The government also plans state’s GDP to reach 6 percent at the same financial year.

During the third session of Egyptian-German Joint Economic Committee, Qabil stated that the government has adopted a number of procedures to remove challenges facing the Egyptian economy, notably the reform one that facilitate business climate to enhance economic growth and attract foreign and Arab investments.

The reform procedures included Cabinet’s approval on issuing added value tax law that will positively affect Egypt’s business environment and improving tax revenues in addition to merging unofficial economy to the national one.