The Egyptian Government will soon propose a third economic stimulus package totalling LE11.2 billion ($2 billion) to Parliament, Prime Minister Ahmed Nazif said on Tuesday.
"After we consult with the Shura Council (the Upper House of the Parliament), we will present a third stimulus package worth LE11.2 billion to the (People's) Assembly (the Lower House of Parliament)," Nazif told the legislature in a statement outlining his Government policy.
The Premier added that Egypt's economy had survived the implications of the global financial crisis, growing by 4 per cent last year.
But Nazif warned that there are still some problems, which must be confronted head-on, especially the problem of garbage recycling and unemployment.
Nazif said that unemployment in Egypt hit 9 per cent this year compared to 7 per cent last year due to the global financial meltdown.
"We get 75 tonnes of garbage every year. About a tonne for every citizen. We should have factories to recycle it instead of dumping it in landfill sites," he said.
