Foreign exchange reserve in Egypt has scored $34 billion, asserting that budget deficit declined from 9 percent last year to only 5.5 percent this year, Minister of Finance Youssef Boutros Ghali was reported to have said by the State Information Service.
On the sidelines of meetings with the World Bank and the International Monetary Fund in Washington D.C., Ghali met the Chairman of the US Federal Reserve, and explained that Egypt’s reform policy depends on direct foreign investments, exports and local investment.
The Chairman of the US Federal reserve lauded the Egyptian reform, according to SIS reports, describing them “as having been positive as they contributed to cutting down inflation rate and increased growth rate to 7 percent annually.
