Egypt to put forward new stimulus package

Egypt's trade and industry minister said that the government has plans to propose a second stimulus package worth billions of dollars early next year to get people back into employment.

Egypt to put forward new stimulus package

World Bulletin / News Desk

Egypt plans a second stimulus package worth billions of dollars early next year, its trade and industry minister said, as the government works to give people jobs and put money in their pockets during a tough political transition.

The package will likely be equal to or larger than a 22.3 billion Egyptian pounds ($3.2 billion) package announced in August, trade minister Mounir Fakhry Abdel Nour told Reuters in an interview on Wednesday.

His comments came hours before the United States halted some aid to the army-backed government following a crackdown on the Muslim Brotherhood, a move that Cairo sharply criticised.

Egypt's economy, crippled by more than two and a half years of social and political turmoil, has been supported in recent months by funding from several Gulf Arab states.

Saudi ArabiaKuwait and the United Arab Emirates promised a combined $12 billion in loans, grants and fuel shipments after the army deposed Islamist President Mohamed Mursi in July following mass protests against his Brotherhood-dominated rule.

Last Mod: 10 Ekim 2013, 15:02
Add Comment