Cairo – Mubasher: The Egyptian government is planning to reduce the budget deficit to 6.2% in the fiscal year 2020/2021, finance minister Mohamed Maait stated on Saturday, adding that Egypt is targeting 6.4% growth in the same period.

Maait referred in a cabinet meeting to the success of economic reform, as deficit dropped to 8.2% in 2019, compared to 16.5% in 2014.

Unemployment declined to 7.5% from 13.3%, while inflation went down to 3.4% from 36%, the minister said, noting that foreign reserve jumped to over $45 billion in 2019, against $13 billion in 2014.

Egypt’s spending on healthcare and education surged to EGP 210 billion this year, from EGP 115 billion in 2014, Maait revealed.

Moreover, the North African country’s spending on food subsidies soared 39.4% to EGP 87 billion in 2019, compared to 2014 figures.