Inflation down to 2.3% in 2000

Egypt's Prime Minister Atef Ebeid on Wednesday met with International Monetary Fund (IMF) Arab group representative Abdel Shakour Shalan.

Economy Minister Youssef Boutros Ghali and Central Bank of Egypt (CBE) governor Ismail Hassan attended the meeting.

After the meeting, Shalan said the inflation rate in Egypt throughout 2000 did not exceed 2.3 per cent, a percentage similar to that found in the industrial states.

The economic policies, he said, prove the soundness of the Egyptian economy. The Egyptian government as of January took successful measures, notably regarding the Egyptian pound dollar exchange rate.

Shalan denied that the government fixed the price of the Egyptian pound by moving it against the dollar from 341 to 385 piasters for one dollar.

He added that the rise seen in the Euro price against the Dollar led to strengthening the Egyptian pound.

"The Egyptian government is at present working on encouraging the private sector, increasing jobs and curbing unemployment," Shalan said.

The government took effective steps to promote the private sector and investments. The pound exchange rate policies and gushing the role of the private sector forward will lead to luring foreign investments and, thus, increase job opportunities, he added.