Egypt's economy promising and investment-attracting, Ebied asserts
Egypt, Economics, 9/12/2000

Egypt's Prime Minister Atef Ebeid voiced confidence that the upcoming period will witness more stability in the Egyptian pound exchange rate, which will have positive effects on future economic conditions.

Egypt's economy indicators are very promising at present as things started to return to normal after the economic pressures in the wake of the Asian crisis, said Ebeid.

The prime minister in a speech delivered Tuesday at the opening meeting of the annual Euromoney Conference said that Egypt is one of the investment-attracting countries.

Ebeid said the government is determined that Egypt should be fully developed economically, politically, socially, and culturally.

In his address Tuesday to the sixth Euromoney conference which opened in Cairo under the title of the "Emerging Arab economies, new breaking ground in the global market," Ebeid reiterated that the Egyptian economy started this year to be back on track according to the Central Bank of Egypt's figures released last week.

The GDP is expected to reach 5.5 percent in real terms, while the budget deficit is to decline to 3.4 percent and the inflation rate is expected to drop to 2.4 percent according to the prime minister.

Egypt's external debt has decreased noticeably to reach only $ 27.2 billion, Ebeid said in his address.

Reviewing the efforts exerted by the cabinet to further reinvigorate the economy, Ebeid announced a seven-point program geared towards enlarging privatisation plan.

The program involves selling the rest of public firms amounting to 175 companies and all joint ventures hitting 385 ones, he added.

The program also includes the modernization of the infrastructure like schools, rural health care centres, natural gas network and telecommunications system, according to Ebeid.

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