Egypt to launch economic stimulus plan
CAIRO (REUTERS) - Egypt's interim cabinet will approve a plan on Wednesday to stimulate the economy over the next nine months, al-Ahram newspaper quoted Planning Minister Ashraf al-Arabi as saying.
The government has said it plans to avoid raising taxes or cutting spending to reduce the country's mushrooming budget deficit, and instead will use aid pledged by Gulf Arab states to spur growth.
The stimulus plan involves providing additional investments of at least 10 billion Egyptian pounds (S$1.84 billion), al-Arabi said.
The cabinet expects to remain in power only until elections early next year.