Egypt growth rate reaches 5% during Q1 of fiscal year: official

MARRAKESH - 31 January 2018: For the first time since 2008, growth rate in Egypt has reached 5 percent during the first quarter of the current fiscal year, deputy finance minister Ahmed Kojok said Wednesday.

About 100,000 jobs have been created during this period, Kojok said, noting that this is equal to 80 percent of the jobs secured during 2013-2014 and 2014-2015 together.

Addressing a conference in Marrakesh, Kojok reviewed a reform program adopted by Egypt for 18 months now, believing it is comprehensive and ambitious.

A social protection program has also been outlined and cash subsidy has increased from 15 to 50 pounds, plus a rise in pensions, he said.

The conference in Marrakesh was a good opportunity to exchange ideas and opinions among Arab countries on means to enhance economic stability, the Egyptian official added.

Boosting economic growth in the region will sure have positive impact on the economic reform program in Egypt, he noted.