Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Egypt is serious about reforms - senior official  Join our daily free Newsletter

MENAFN - Kuwait News Agency (KUNA) - 12/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Kuwait News Agency (KUNA)) A senior member of the Egyptian cabinet has stressed that his country's priority is its stability, especially as it takes steps toward economic growth, and remains "serious about reforms" in what he called "the new Egypt." In remarks delivered at the Middle East Institute during his trip here for the World Bank spring meetings, Egypt's newly-appointed Minister of Planning and International Cooperation, Ashraf El-Araby, outlined four challenges facing his government: security, inclusivity, restoration of confidence, and the promotion of high growth rates



"Historically, we had several visions, tens of strategies, but none of those strategies were agreed upon," he said, adding that Egypt needs "to have a comprehensive and inclusive vision" in order to move forward economically



El-Araby noted that "overall, we are on the right track," but said Egyptians must feel like they have "real ownership" of the strategy adopted by the government



To achieve this, he explained, both the private sector and Non-Governmental Organizations (NGOs) have been invited to take the lead in the development of a national strategy to carry Egypt to the year 2030



El-Araby then pointed to "fiscal sustainability" - something he called "the magic term" - as the means to restore confidence in the economy



"We are not going to talk with the IMF (International Monetary Fund) about a new loan during this transition period," he said. "We see it better left for the incoming government," starting with presidential elections in late May of this year



However "with or without the IMF agreement, we need to take serious action to deal with these structural challenges," he continued



As the country aims for high growth rates, El-Araby said the government is "working on trying to review all the investment laws" for petroleum, electricity and construction among other areas



"We injected two stimulus packages representing three percent of GDP," he explained, resulting in around USD nine billion to create jobs, as well as industrial zones in the country



But when it comes to employment, young people face the greatest challenges. According to El-Araby, 15.4 percent of the population is out of work, with the majority being the youth. "We need to create decent jobs in the formal sector," he said



"In the last three years, the growth rate in Egypt was two percent annually, equal or less than the population growth rate," he added. "The per capita income did not change at all over the last three years," since the start of the uprising that toppled the former regime



In comparison, El-Araby noted that even during the global economic crisis in 2008, the Egyptian growth rate remained at seven percent



For now, the government has already begun working on reforms to both the taxation system as well as the subsidization of energy in order to produce revenue. El-Araby insisted, however, that there's much more to be done



"We need to establish a solid social safety net," he said, by creating a unified database for subsidies, and then later for conditional cash handouts to assist the poor and lift them out of the "vicious cycle" of poverty



There is a "need to also restore the balance between population and natural resources," said El-Araby. To that aim, he cited "population redistribution," as well as allocating 10 percent of the GDP to education, health, and scientific research



But while many of these plans are worked out, transparency will also be a priority in "the new Egypt." El-Araby laughed as he asked, "How to introduce the term accountability to Egyptian society?"

 


Kuwait News Agency (KUNA)




  MENA News Headlines
 Aug 2 2015 - Mine Blast Kills One Soldier, Injures Four in Northeast TurkeyQatar News Agency
(MENAFN - QNA) A Turkish soldier were killed and four others were injured in a mine blast in the Turkish northeast province of Kars, security sources said. Turkey's Anadolu Agency reported that ...

 Aug 2 2015 - Turkish Prime Minister Meets HE Qatar's Minister of State for DefenseQatar News Agency
(MENAFN - QNA) Turkish Prime Minister Ahmet Davutoglu met Sunday with HE Qatar's Minister of State for Defense Affairs Major-General Hamad bin Ali Al Attiyah and his accompanying delegation on the ...

 Aug 2 2015 - HE Prime Minister Meets US Assistant Secretary of StateQatar News Agency
(MENAFN - QNA) HE Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa Al-Thani met Sunday with US Assistant Secretary of State for Near Eastern Affairs Anne Patterson and ...

 Aug 2 2015 - 'Egyptian Industrial Product Preference' regulation will decrease foreign product imports: FEI board memberDaily News Egypt
(MENAFN - Daily News Egypt) The Ministry of Industry and Foreign Trade announced it has finalised an executive regulation of Law 5/2015 to create a preference for Egyptian industrial products in ...

 Aug 2 2015 - Egypt's economy grows 4.7% in first 9 months of FY 2014/2015Daily News Egypt
(MENAFN - Daily News Egypt) Egypt's economic growth rate in the first nine months of fiscal year (FY) 2014/2015 grew by 4.7%, Minister of Planning Ashraf El-Araby said in a Saturday press ...

 Aug 2 2015 - Barclays says its activities in Africa strengthenedDaily News Egypt
(MENAFN - Daily News Egypt) Barclays has increased its contribution to the African market and strengthened its business in South Africa, the bank said in a recently published report.It is working to ...

 Aug 2 2015 - Al-Azhar Grand Imam sends condolences to bin Laden familyDaily News Egypt
(MENAFN - Daily News Egypt) Egypt's top religious institute Al-Azhar sent its condolences to the Saudi bin Laden family, after a plane crash in the UK left three members of the family dead.Al-Azhar's ...

 Aug 2 2015 - Egypt- Al Jazeera re-trial further postponed to 29 AugustDaily News Egypt
(MENAFN - Daily News Egypt) The retrial of Al Jazeera journalists Mohamed Fahmy, Peter Greste and Baher Mohamed has been postponed for the second time, with the verdict now expected on 29 August.The ...

 Aug 2 2015 - Strategic dialogue follows Egypt's strategy to decentralise source of weapons: ResearcherDaily News Egypt
(MENAFN - Daily News Egypt) Egypt's Foreign Minister Sameh Shoukry met with his US counterpart John Kerry in Cairo on Sunday for the strategic dialogue between both countries, the first meeting of ...

 Aug 2 2015 - Payfort launches instalments service in Egypt, UAE, Saudi ArabiaDaily News Egypt
(MENAFN - Daily News Egypt) The Arab world's leading online payment service provider Payfort has launched on Sunday an instalments service in Egypt, Saudi Arabia and the United Arab Emirates, to ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help