FINANCIAL NEWS

Egypt to cut poverty rate to 15%

30 Sep 2010

(MENAFN) Egypt’s Economic Development Minister said that the country’s poverty rate could be reduced to 15 percent from 20 within five years, Reuters reported.

Egypt is the Arab world’s most populous state with an estimated population of 78 million. A fifth of Egypt’s population lives on less than a dollar a day, according to the United Nations.

Egypt’s finance minister said in a conference in Cairo on Tuesday he saw the country’s economy growing 6 percent in the financial year ending in June 2011.

The economy grew by 5.2 percent in 2009/10 and 4.7 percent in 2008/09.

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