Planning Minister Hala El-Saeed said on October 31 that the government is seeking to achieve a growth rate of 10% in the country’s GDP by the end of FY 2029/30, Invest-Gate reports.

In a conference held in Beirut, El-Saeed highlighted that the government seeks to reach a growth rate of 5.9% in FY 2018/19, to be gradually increased to 8% and then 10% by 2029/2030, according to a statement published on the ministry’s official Facebook page.

Egypt’s GDP grew to 5.3% in FY 2017/18, the highest rate in a decade, showing signs of economic recovery amid the tough reforms it is enacting, including tax hikes and subsidy cuts as part of a USD 12 bn IMF loan deal.

In early October, the World Bank (WB) predicted Egypt’s growth to reach 5.8% in 2020, driven by the country’s economic reform program.