Minister of Finance Dr. Youssef Boutros Ghali has reiterated that the level of FDIs in the Egyptian market has soared to over six billion dollars and that monetary reserves in the Central Bank has reached 28 billion dollars; unemployment has been reduced to 8.5% and a surplus has been registered in the balance of payment.   Dr. Ghali noted that the amendment to real estate tax aims at broadening the taxpayer base and reducing taxes.  The statements were made during the opening of a conference for the draft project on the development of location information which is one of the projects to develop higher education at the engineering college in Benha.

The Minister noted that real estate taxes will be updating  by using the science of engineering.

The project on developing engineering depends on the development of human resources.  Dr. Youssef said that despite the large budget deficit there is an ongoing plan to reduce it.  He added that inflation has increased due to the soaring energy rates but that the government continues to aim for a 7% growth rate.  He also noted that the interest in upgrading education is part of a higher state policy.

(source:Ministry of Finance)