Finance Ministry targets reducing inflation rate to less than 10% during 2019/20

CAIRO – 7 May 2019: Minister of Finance Mohamed Ma’it said Tuesday that the government is seeking to reduce inflation rate to less than 10 percent during fiscal year 2019/20, and to a range of 6 to 7 percent during the fiscal year 2020/21.

The minister’s remarks were made during a press conference held on the outcome of implementing the state’s public budget.

In statements to MENA about the increase of salaries at national press institutions, the minister said these institutions are not affiliate to any of the entities covered by the state budget, so any increase in their payrolls have to be covered through their own resources.

The press conference was attended by Deputy Finance Minister for Financial Policies Ahmed Kouchouk and Deputy Minister of Treasury Affairs Ehab Abu Eish.

Meanwhile, Kouchouk said foreign investments in Egypt’s debt portfolio reached dlrs 16.8 billion in the third week of April.