Egypt’s growth rates could range between 3 and 3.5 percent during the next fiscal year, 2014-2015, said the Minister of Planning and International Cooperation Ashraf al-Araby.
Egypt’s economy will experience an improvement during the second half of the current fiscal year 2013-2014, the minister said in an interview with satellite channel Dream TV late Thursday.
Araby attributed the decline in growth rates during the first quarter of 2013-2014 to domestic instability, stressing on the need to attract Arab investments to move up the rates and provide more employment chances. He noted that the government would not seek to obtain loans from the International Monetary Fund.
The minister is scheduled to hold a press conference on Saturday to declare a second stimulus package of LE33.9 billion and roll out the projects implemented as part of the first package of LE29 billion.
Edited translation from Al-Masry Al-Youm