Egypt’s Economy grew only 2.2% in 2nd quarter of 2012/13

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Story: Egypt’s Economy grew only 2.2% in 2nd quarter of 2012/13

Local News Agency: Middle East Bureau / VCS
Shooting Dateline: February 21, 2013
Shooting Location: Cairo, Egypt
Publishing Time: February 21, 2013
Length: 0:02:03
Video Size: 101 MB
Language: Arabic
Column:
Organized by:
Correspondent:
Camera: VCS

SHOTLIST:
1- Various shots of attendees during the press conference of Egypt’s Planning Minister and International Cooperation held at the headquarters of the ministry
2- SOUNDBITE 1 (Arabic) - Egypt’s Planning and International Cooperation Minister Ashraf al-Araby:
“We are targeting at the end of the current fiscal year 2012/13 an economical growth of no less than 3 percent. We need to meet this target to achieve economic growth rate that exceeds 3 percent in the second half of the year.” 3- Various shots of attendees during the conference
4- SOUNDBITE 2 (Arabic) - Egypt’s Planning and International Cooperation Minister Ashraf al-Araby:
“Actually, the current economic situation is much more difficult even than it was after the revolution hence, we need to put all our political disputes aside. We need to reach a political consensus to overcome this difficult phase that the Egyptian economy is facing and to move forward.” 5- Various shots of the press conference
6- SOUNDBITE 3 (Arabic) - Egypt’s Planning and International Cooperation Minister Ashraf al-Araby:
“God willing, we expect to invite the IMF technical delegation within days and we will show you in details of the axes which the national program include that we will present to the IMF.” 7- Various shots of the press conference

STORYLINE:

Egypt’s Planning and International Cooperation Minister Ashraf al-Araby said on Thursday, February 21, in a press conference that the Egyptian economy grew only 2.2 percent in 2nd quarter of 2012/13, representing a 15.3 percent decrease on the previous quarter.

Al-Araby said that the first half of fiscal year 2012/13 (July-December) saw economic growth of 2.4 percent, which had been 0.1 percent lower than expected.

He said that the government is targeting economic growth of no less than 3 percent in the current fiscal year.

SOUNDBITE 1 (Arabic) - Egypt’s Planning and International Cooperation Minister Ashraf al-Araby:
“We are targeting at the end of the current fiscal year 2012/13 an economical growth of no less than 3 percent. We need to meet this target to achieve economic growth rate that exceeds 3 percent in the second half of the year.”

He said that foreign investment in Egypt was almost non-existent in the six months to the end of December, illustrating the depth of the economic crisis that Egypt is facing.

He added that the country needed strong investment to reach the 7 percent annual economic growth rate commonly cited by economists as the level needed to lower unemployment and soak up new entrants to the labour market.

SOUNDBITE 2 (Arabic) - Egypt’s Planning and International Cooperation Minister Ashraf al-Araby:
“Actually, the current economic situation is much more difficult even than it was after the revolution hence, we need to put all our political disputes aside. We need to reach a political consensus to overcome this difficult phase that the Egyptian economy is facing and to move forward.”

The Egyptian government plans within one week to invite an International Monetary Fund mission for talks, al-Araby said on Thursday.

SOUNDBITE 3 (Arabic) - Egypt’s Planning and International Cooperation Minister Ashraf al-Araby:
“God willing, we expect to invite the IMF technical delegation within days and we will show you in details of the axes which the national program include that we will present to the IMF.”

Egypt reached an initial agreement with the IMF on the loan agreement in November but postponed final ratification in December because of political unrest at the time.

End VCS item

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