AFP, Cairo :
Egypt targets a five percent economic growth rate in the year to June 2018, the finance ministry said Sunday as the government seeks to revive an economy battered by political turmoil.
Egyptian authorities have battled high unemployment, inflation and a collapse in tourism income since the 2011 uprising that toppled former president Hosni Mubarak.
President Abdel Fattah al-Sisi, who led the 2013 military overthrow of Mohamed Morsi, Egypt’s first elected civilian president, vowed to get the economy back on track after his election the following year.
In a statement Sunday, the finance ministry said it aimed to “raise growth for 2017/2018 to five percent” and to create “real, productive jobs that help lower unemployment to 11 percent and raise citizens’ incomes.”
Consumers have been hit by surging price hikes since November when Cairo floated its currency and slashed fuel subsidies as part of an economic reform package linked to a $12 billion International Monetary Fund loan.
The Egyptian pound had been pegged at 8.83 to the dollar, but has since weakened to more than 19 pounds to the dollar.
Egypt’s inflation rate jumped to 19.4 percent in November from 13.6 percent the previous month, according to the central bank.
Despite its woes, the government has projected 5.2 percent GDP growth in the year to June 2017.
