International labour office geneva

Figure 6: Comparison of Egyptian remittances on quarterly basis (2007, 2008 and 2009 Q1, Q2) 

 

Source: Combined from; Central Bank of Egypt (2008), Annual Report 2007/2008, Central Bank of Egypt (2009), The Monthly Statistical 

Bulletin, June 2009 and September 2009. 

The GOE reacted to the crisis in a similar manner to other governments all over the 

world by enacting expansiory fiscal and monetary policies. Regarding the fiscal policy 

measures, the GOE has announced a moderately expansionary budget, including 

provisions for public-sector wage increases and extra spending on health and education, as 

it seeks to maintain the momentum of economic growth in the face of the global recession. 

It allocated a L.E.15 billion support package. The majority of the spending in the plan will 

go to infrastructure projects, increasing public expenditure by 13.3 billion and including 

2.2 billion for scaling up export subsidies. In addition, the GOE has promised a 7 billion