Government seeks upping growth rate to 5-5.5%

The government seeks to up economic growth rate to 5 or 5.5 percent in 2015-2016, Minister of Planning Ahsraf el Araby said.

In statements to MENA on Saturday, Araby said this would be a great challenge in view of the current circumstances in Egypt, especially the blow which the tourism sector sustained on the back of the recent Russian plane crash in Sharm el Sheikh.

He noted that a fund was launched to support the tourism sector which is one of the pillars of the Egyptian economy.

Upping the growth rate to this level is not an easy target to attain, this, however, needs exerting strenuous efforts to improve the investment climate, he said.

He noted that forming the parliament, the final step of the road map, will send a message to the whole world on the political and security stability in Egypt.

Some of results of the runoffs were announced, but only four constituencies with 13 seats are remaining for voting which will take place inside and outside Egypt on December 5-7 for the first stage and December 14-16 for the second stage.

Egypt's parliament — the House of Representatives — will comprise 596 members, 448 elected as independents and 120 from party-based lists. The remaining 28 seats will be filled by presidential appointees.