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Egypt's economy grew 5.4% in 12 months to June 30 - PM

Wednesday 04 July 2018 10:39 AM

Mostafa Madbouly.
Mostafa Madbouly.

Egypt’s gross domestic product grew by 5.4 percent in the 2017-2018 fiscal year that ended on June 30, new Prime Minister Mostafa Madbouly said on Tuesday, the fastest growth rate of growth in a decade.
In a televised address to parliament to present his administration’s four-year programme, Madbouly also vowed that his government would push ahead with a campaign against Islamist militants.
Madbouly, a former housing minister, was appointed prime minister last month after President Abdel Fatah al-Sisi was elected for a second term in March.
Parliament will discuss the government programme and is widely expected to approve it in the coming days.
Egypt has been implementing severe austerity measures as part of a 2016 IMF loan programme intended to shore up the country’s finances.
The reforms have involved a currency float, cutting subsidies and raising prices of fuel, electricity and public transport.