US affirms support to Egypt's economy, stability

CAIRO, Oct 27 (KUNA) -- US Secretary of the Treasury Jacob Lew has renewed Washington's strong support to Egypt's economy and stability.
Addressing a joint press conference with Egyptian Finance Minister Hani Qadri, on Monday, Lew stressed backing to the economic conference Egypt is to hold in February 2015.
He noted that the US and international financing institutions, such as the World Bank and the Economic Development Bank, are discussing means of assisting the Egyptian economy through supporting small and medium size enterprises (SMEs), seen as a locomotive of the economy.
The US senior official referred to the recovery of the Egyptian economy as significant to the US, which is committed to offer Cairo USD 200 million annual economic aid.
Lew offered his condolences to the families of the victims of the Friday terrorist attacks in Sinai, which claimed the lives of more than 30 people. He said that the US condemned the attacks.
For his part, the Egyptian Finance Minister said in the state 2014-2015 budget the government reduced reliance on foreign aid, and adopted structural reforms instead.
He revealed that Cairo does not intend at present to seek a loan from the World Bank, adding that the government is seeking to enhance growth in the new budget. Economic growth in the FY 2013-2014 hit 2.2 percent, inadequate to create new jobs or surplus to bridge the financing gap, the Minister said.
Egypt is following two courses of reforms, political and economic, including tax restructuring and rationalization of power to realize growth and sustainable development. (end) aff.msa