BREAKING NEWS

Egypt ups size of stimulus package

By REUTERS

DECEMBER 16, 2013 18:41

CAIRO - The Egyptian government is planning to spend around 30 billion Egyptian pounds ($4.36 billion) in a second stimulus package, Finance Minister Ahmed Galal said on Monday, more than a previously slated 24 billion pounds.

The first stimulus package unveiled by the army-installed interim government was 29.6 billion pounds. The spending is designed to stimulate an economy hit by nearly three years of political turmoil.

Supported by $12 billion in aid from Gulf states, the government which took office in July has said the second stimulus package would be launched in January. The government came to power after the army ousted President Mohamed Morsi following mass protests against his rule.

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