Egypt to launch economic stimulus plan

CAIRO Wed Aug 28, 2013 6:12am EDT

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CAIRO Aug 28 (Reuters) - Egypt's interim cabinet will approve a plan on Wednesday to stimulate the economy over the next nine months, al-Ahram newspaper quoted Planning Minister Ashraf al-Arabi as saying.

The government has said it plans to avoid raising taxes or cutting spending to reduce the country's mushrooming budget deficit, and instead will use aid pledged by Gulf Arab states to spur growth.

The plan will involve additional investments of at least 10 billion Egyptian pounds ($1.43 billion), al-Arabi said.