Egypt's draft budget for fiscal year 2001-2002 calls for creating 700,000 public-sector jobs for young people, Information Minister Safwat Sherif said in remarks published on Monday, April 9.
"The budget calls for 700,000 jobs, including 150,000 in teaching, local government, and health, which amount to replacing civil servants who are retiring or emigrating," the minister told Al-Ahram newspaper.
The fiscal year begins in July.
The unemployment rate in Egypt was estimated at 7.4 percent in 2000, according to official figures. But the rate is believed to be far higher.
The total budget comes to 126.9 billion pounds (around $32.9 billion), compared to 112 billion pounds in the last fiscal year, and amounts to an increase of roughly 12.7 percent, Sherif said.
The government projects a budget deficit of 2.6 percent, Sherif said.
The draft budget, approved by the cabinet on Sunday evening, will be submitted to parliament in the next few days. — (AFP, Cairo)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)