Fixing the economy: Egypt urges political stability

CAIRO:

Egyptian Prime Minister Hisham Kandil said on Tuesday that political stability was crucial to luring back foreign investors and tourists to help plug a yawning budget deficit and heal the country’s ailing economy.

“The main goals that the government is working towards now is plugging the budget deficit, and working on increasing growth to boost employment rates, curb inflation, and increase the competitiveness of Egyptian exports,” said an issued statement.

Egypt’s budget deficit surged to 11% of GDP in the financial year that ended in June 2012 and is forecast to exceed 10% this year, adding to a public debt burden of 70% of national output.

Published in The Express Tribune, December 26^th, 2012.