Sharaf: Economic indicators improving

Egypt's economic indicators have improved compared to the previous period, Egyptian Prime Minister Essam Sharaf said on Tuesday. 

Sharaf said foreign exchange reserves at the Central Bank of Egypt declined by US$1 billion to US$27.2 billion during May. But in March, the reserves declined by US$3.2 billion.

Sharaf discussed the declines during the opening of the Wadi al-Natrun grain storage silo, which comes as part of a project to create 50 silos in various parts of the country.

The prime minister also asserted the importance of restoring production rates to improve the Egyptian economy and ensure sufficient supply of commodities for its citizens.

Sharaf went on to say that this year’s production of wheat is higher than last year's.

Meanwhile, Agriculture Minister Ayman Farid Abul Hadid said that LE5 billion had been provided to buy wheat.

He added that 2.3 million tons of wheat had been bought so far and that he expected wheat supplies to reach 8.3 million tons by the end of the current season. He went on to say that average productivity per feddan increased from 16 to 19 ardebs.

Sharaf began his tour by visiting production projects in Sadat City. He also met with a number of protesters from Wadi al-Natrun, who raised banners demanding public facilities such as utilities and roads.

Sharaf is scheduled to hold a meeting next Tuesday with a number of protesters to discuss their demands.

Translated from the Arabic Edition

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