Egypt is planning to reduce the population growth rate to 2% as part of the ministry’s social development plan for the fourth quarter (Q4) of fiscal year (FY) 2021/2022, versus 2.56% in 2017, Minister of Planning and Economic Development Hala El-Said revealed in a statement.

The ministry is targeting decreasing the state’s annual inflation rate to 6% during FY 2021/2022, versus 13.3% in FY 2018/2019, El-Said added.

Moreover, the plan targets cutting the unemployment rate to around 7.3% in FY 2021/2022, compared to 9.6% in FY 2019/2020, the minister said.

The minister also noted that the main objectives of the FY 2021/2022 plan include shrinking the poverty rate in the country to 28.5%, compared to 29.7% in FY 2019/2020.

Egypt’s poverty rate is expected to notably drop on the back of the Decent Life Initiative, El-Said pointed out.

It is worth noting that El-Said previously announced that the Ministry of Planning targets investing around EGP 125.7 billion in the industrial field during FY 2021/2022.

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