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
 Nov 23 2014 - Qatar- Saudi Deputy FM Receives Copy of Credentials of Qatar's AmbassadorQatar News Agency
(MENAFN - QNA) Saudi Deputy Minister of Foreign Affairs Prince Abdulaziz bin Abdullah bin Abdulaziz Al-Saud received a copy of credentials of HE Sheikh Abdullah bin Thamer Al-Thani as Qatar's ...

 Nov 23 2014 - Qatar- HE Prime Minister Holds Talks with Algerian CounterpartQatar News Agency
(MENAFN - QNA) HE the Prime Minister and Minister of Interior Sheikh Abdullah bin Nasser bin Khalifa Al-Thani and HE the Prime Minister of Algeria Abdelmalik Sellal on Sunday co-chaired the 5th ...

 Nov 23 2014 - Qatar Takes Part in 31st Meetings for GCC Labor and Social Affairs MinistersQatar News Agency
(MENAFN - QNA) Qatar will take part in the 31st meetings for GCC Ministers of Labor and Social Affairs which will be held from 24 to 25 November in Kuwait. HE the Minister of Labor and Social ...

 Nov 23 2014 - Kuwait- Parliament Speaker Meets Tajik FMQatar News Agency
(MENAFN - QNA) Kuwaiti National Assembly Speaker Marzouq Ali Al-Ghanem met here on Sunday the visiting Minister of Foreign Affairs of the Republic of Tajikistan, Sirodjidin Aslov. Talks between ...

 Nov 23 2014 - OPEC won't cut production ceiling say Kuwaiti expertsArab Times
(MENAFN - Arab Times) KUWAIT Nov 22 (KUNA): The Organization of Petroleum Exporting Countries (OPEC) will not likely lower oil production ceiling in its upcoming Nov 27 meeting two Kuwait oil experts ...

 Nov 23 2014 - KFH unit Kuveyt Turk wins awardArab Times
(MENAFN - Arab Times) ISTANBUL Nov 18 (Agencies): Kuveyt Turk won GFC Global Financial Conferences' Bonds & Loans Award for Islamic Capital Markets Deal of the Year at Esma Sultan Palace last ...

 Nov 23 2014 - Qatar- HH the Emir Meets Uruguay AmbassadorQatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani met today at his Emiri Diwan Office with Ambassador of the Republic of Uruguay Jose Luis Remedi whose term of office has expired At the ...

 Nov 23 2014 - Somalia's Culture Minister Meets Charge D'affaires of Qatar's EmbassyQatar News Agency
(MENAFN - QNA) Somalia's Minister of Culture and Higher Education Duale Adam Mohammed conferred with Charge D'affaires of Qatar's Embassy in Somalia Hasan bin Hamza Asad Mohamed. The meeting ...

 Nov 23 2014 - Qatar- Foreign Minister's Assistant Meets Vietnamese CounterpartQatar News Agency
(MENAFN - QNA) HE the Foreign Minister's Assistant for Foreign Affairs met here on Sunday with Vietnamese Deputy Foreign Minister Pham Quang Vinh. The meeting dealt with bilateral ties and means to ...

 Nov 23 2014 - Law protects 'expatriates'Arab Times
(MENAFN - Arab Times) KUWAIT CITY Nov 21 (KUNA): Director- General of the Public Authority for Manpower Jamal Al-Dosary on Thursday reaffirmed commitment of the authority to protect expatriate ...

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