Egypt wants to boost growth to 4.5 per cent by 2014

Egypt wants to boost growth to 4.5 per cent by 2014
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Published November 14th, 2012 - 11:54 GMT via SyndiGate.info

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Will the Central Bank of Egypt be able to boost economic growth?
Will the Central Bank of Egypt be able to boost economic growth?

Egypt's government will focus on boosting flagging economic growth to 3.5 percent this financial year and 4.5 percent in 2013/14 said Prime Minister Hisham Kandil

The government had forecast growth of 4 to 4.5 percent in its budget for 2012/13. Economists had said this was optimistic.

Kandil met President Mohamed Mursi on Tuesday to present a reform plan to help get the country's finances under control and persuade the International Monetary Fund to approve a $4.8 billion loan to support the economy.

Growth sank to a lacklustre 2.2 percent in the year that ended on June 30, with the economy battered by the turmoil that followed the overthrow of President Hosni Mubarak in February 2011.

Kandil's comments on the economy were published on an official website.

The Egyptian government said this week it was nearing a deal with the IMF, a move seen as vital to boosting investor confidence and lifting growth rates.

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