President Sisi approves 2016-17 draft budget, development plan

President Abdel Fattah El Sisi approved on Thursday the 2016-2017 draft budget and the state development plan that targets an economic growth of up to 5.2 percent. 

While chairing a ministerial meeting, the president approved the draft budget and the plan and passed them to the House of Representatives for a vote, presidential spokesman Alaa Yusuf said. 

During the meeting, Sisi reiterated necessity of cutting down the budget deficit, rationalizing expenses and making sure basic goods and medical supplies are available at affordable prices for the limited-income citizens.

Also, they reviewed plans to reduce unemployment that hit 12.8 percent in December and increase the gross domestic product to EGP 3.2 trillion in 2016-17 versus 4.4 percent in 2015-16, the spokesman said. 

Planning Minister Ashraf el Araby said the government would need to attract EGP 531 billion in investments, up 16.5 percent, to reach the targeted domestic product level.

Source : MENA