Egypt aims to increase the number of tourists to 12 million

Egypt aims to increase the number of tourists to 12 million

Cairo: "Middle East"

Egypt aims to increase the number of tourist arrivals to 12 million in 2019-2020, an increase of about 11% over the previous year, says government document released Wednesday .
The tourism sector is a pillar of the Egyptian economy, a livelihood for millions of citizens and a major source of foreign exchange.
The government plans to increase the number of overnight tourism to 127 million in 2019-2020 from 113 million a year ago, according to Reuters.
Egyptian tourism was hit hard when a Russian airliner crashed in Sinai in late October 2015, killing all pbadengers. After the incident, Russia banned travel to Egypt, while Britain banned travel to Sinai. Russian flights to Cairo did not return until April.
The temptation of Egypt's tourist destination increased after the central bank's decision to liberalize the pound in November 2016, halving the value of the local currency and strengthening the sector's competitiveness.
Meanwhile, the Egyptian Central Agency for Public Mobilization and Statistics (CAPMAS) said on Tuesday that the trade deficit fell by 24.6 percent to 3.34 billion dollars in May, as exports increased by 1 percent. , 6% and imports by 14.8%.
Exports rose to $ 2.68 billion in May from $ 2.64 billion a year earlier, with fertilizer exports up 27.5%, clothing made up 2.8% and plastics 33.8%, said the statistical agency.
Imports fell to $ 6.01 billion in May from $ 6.01 billion in May, driven by a 32.3% decline in iron and steel imports. , plastics and plastics 1.6% and 13.6% chemicals.
Egypt yesterday received the last $ 2 billion of the IMF loan. Under the IMF agreement, Egypt is undertaking tough economic reforms, including the latest round of fuel subsidy cuts in early July, which pushed domestic prices from 16 to 30%.
"Egypt has successfully completed the program, which is supported by a three-year agreement under the IMF's Expanded Mechanism, and has achieved its key objectives," said David Lipton, Acting Director General. the IMF, in a statement issued at the end of July's final review.
Reforms included the introduction of value added tax, significant cuts in energy subsidies, and exchange rate liberalization, which has depreciated, exerting financial pressure on tens of millions of Egyptians. The changes are aimed at attracting foreign investors who withdrew their money from Egypt during the 2011 revolution.

L & # 39; Egypt

Economy of Egypt