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May News
Egypt backs $5.7b more for subsidies
The Egyptian Gazette, 26 May-- Egypt will spend an additional 32 billion Egyptian pounds ($5.65 billion) on subsidies in 2010/11, but the increase will not affect the overall budget deficit, the government was drawing up the budget it had initially anticipated energy subsidies would cost more than 30 billion pounds, but that this figure later increased to over 60 billion pounds. The extra cost is booked as an accounting entry in the state-owned Egyptian General Petroleum Co. The supplemental funds would be financed through an increase in the amount of petroleum and gas that Egypt exports.
Egypt Plans to cut deficit to 3.5% of GDP
The Egyptian Gazette, 24 May-- Egypt aims to cut its budget deficit to 3.5 percent of gross domestic product in 2015 and raise the growth rate by that time to 8.5 percent. The Economy was growing at more than 7 percent before the world financial crisis but, even during the downturn, Egypt Maintained Growth close to 5 percent. Total revenues would rise to 525 billion pounds in 2015, from 282.5 billion in the financial year 2008/08
Egypt unveils more investment Zones
The Egyptian Gazette, 24 May-- Egyptian Minister of Investment Mahmoud Mohieddin said that the number of investment zones in the country is increasing; indeed 21 IZs have been given the green light and are currently under construction. "The Egyptian economy has been moving forward in several tracks, with the establishment of investment zones among the cornerstones of this reform",he stated.
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