Egypt’s unemployment rate dropped 8.9 percent during the fourth quarter of 2018 from 10 percent in 2017, announced a statement by the office of Prime Minister Moustafa Madbouly on Wednesday.
The statement highlighted that the rate was 9.9 percent for 2018 and 11.3 percent in 2017.
The PM’s statement came on the same day as the International Monetary Fund (IMF) said that by the end of this fiscal year, Egypt is expected to see a drop in unemployment of down to 8.3 percent.
According to state statistic agency CAPMAS, about 3 million Egyptians are currently unemployed, 75.2 percent of whom are 15 to 29 years old.
President Abdel Fattah al-Sisi has pledged to reduce unemployment during his tenure by attracting private sector and foreign investments to boost the economy.
In recent years, the government has spent billions of dollars on mega projects such as the new electric power stations, new Suez Canal, massive highways and a new administrative capital, which provided employment to tens of thousands of Egyptians.
Since 2014, the government has been implementing a set of economic reforms to lower budget deficits, including floating the local currency, cutting energy subsidies and putting in place a Value-Added Tax.
The IMF has lauded Egypt’s reform programme, making available on Monday the fifth tranche of a $12 billion loan signed in 2016.
Source: Ahram Online
