26 February 2013

Egypt: Economic Measures to Increase Foreign Reserves to U.S.$19 BIllion

Prime Minister Hisham Qandil announced on Monday 25/2/2013 new economic measures to improve the standard of living of the citizen, increase wages and expand public social spending.

This came during Qandil's meeting with the editors-in-chief of national and party newspapers.

Qandil said that the government aims to increase the Foreign exchange reserves to reach $ 19 billion by the end of June 2013 and to $ 22.5 billion during FY 2013/2014.

Qandil decided to raise the exemption limit of tax from LE 9,000 to LE 12,000 as of next October at a total cost of LE 4.1 billion within two years.

Among the new economic measures is a decision to increase the number of beneficiaries from the social security pension to 1.5 million people next July and 2 million people in the following year.

Also, a decision was made to provide medical equipment to the hospitals in the rural areas and poor villages.

Qandil said that it was decided to develop as many as 68 slum areas at a total cost of LE 1.6 billion pounds within two years.

Also, a residential unit for limited-income citizens will be established, he said, adding that it will cost about LE 8 billion.

Qandil went on to say that LE 3 billion will be allocated to provide sewage services to 1,000 villages.

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