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Egypt unveils 4.9 bln USD stimulus package to boost economy
2014/2/11 15:01:01 Source:English.news.cn
CAIRO, Feb. 10 (Xinhua) -- The Egyptian interim government said Monday that it will inject 33.9 billion Egyptian pounds (about 4. 87 billion U.S. dollars) to boost struggling economy as a second stimulus package since last August.

In a statement on Monday, Finance Minister Ahmed Galal admitted that most of the finance came in aid from the United Arab Emirates in the second half of the year 2013, adding that more than two- thirds of the package will be used in a number of Egyptian-UAE investment projects and the development of the Suez Canal corridor region.

The rest of the package will be allocated for social-dimension projects like implementing the minimum wage law, improving the wages of teachers and developing the financial structure of a number of authorities including the state-run Radio and Television Union, according to Galal.

The Arab Gulf states, particularly the UAE, Saudi Arabia and Kuwait, supported Egypt with 11 billion dollars in six months, including grants and debts, since former Egyptian president Mohamed Morsi was removed by the military in last July.

The Egyptian economy has been devastated due to three years of turmoil. The interim government says the foreign debts have reached 45.8 billion dollars by the end of 2013, while economists estimate the debts exceeded 52 billion dollars based on separate official statements from the Central Bank of Egypt and concerned ministers.

The country's ailing economy is also reflected in a budget deficit of over 12.8 billion dollars and foreign currency reserves declining from 36 billion dollars in January 2011 to 17.1 billion dollars in January 2014, which indicates that the country lost about 19 billion dollars of foreign reserves over the past three years. 

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