ArabFinance: Egypt’s economy grew 3.5% in fiscal year (FY) 2019/2020, Minister of Planning and Economic Development Hala el Said announced in a Cabinet meeting. 

The figure falls short of the 3.8% preliminary figure the minister earlier announced in July.

In March, Egyptian President Abdel Fatah El Sisi has allocated EGP 100 billion to revitalize the economy and support the most-affected sectors. The value represents 1.9% of the country’s GDP which totaled EGP 5.3 trillion in FY 2018/2019, El Said noted in a statement back then.

A month later, the government amended its target economic growth for FY 2020/2021 to 3.5% from 4.5%.