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.

Ads by Google

Copyright © 2013 Egypt State Information Service. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.