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 t 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
 Sep 29 2016 - Kimberly process chair steps up momentum on Africa initiativeMENAFN Press
(MENAFN Press) Zimbabwe was the next stop on his extensive tour of African States, to give Africa a Voice, for which the Kimberley Process was originally intended. In Harare, the KP Chair met with ...

 Sep 29 2016 - Global Virtual Reality Market 2016 Share, Trend, Segmentation and Forecast To 2020MENAFN Press
(MENAFN Press) Global Virtual Reality Market 2016 Share, Trend, Segmentation and Forecast To 2020 next five years in an average of 106% CAGR; by 2020 over 430 billion products will be sold, and 21 ...

 Sep 29 2016 - NY Gov. Cuomo's Justice Center a Corruption SchemeMENAFN Press
(MENAFN Press) NY Gov. Cuomo's Justice Center a Corruption Scheme Jonathan Carey "Champion for the Disabled" Born September 12,1993 Killed by caregivers on February 15,2007 The corruption is ...

 Sep 29 2016 - Solving the last jigsaws to minimize risks, optimize costs and accelerate commercialization at Biosimilars North AmericaMENAFN Press
(MENAFN Press) Solving the last jigsaws to minimize risks, optimize costs and accelerate commercialization at Biosimilars North America The 3rd annual Biosimilars North America by popular demand, ...

 Sep 29 2016 - Haptic Interface Market 2016 market Share, Current and Future Players, Analysis and Forecast to 2022.MENAFN Press
(MENAFN Press) Haptic Interface Market 2016 market Share, Current and Future Players, Analysis and Forecast to 2022. Global Haptic Interface Market Information, by Components (Hardware, Software), ...

 Sep 29 2016 - Cold Forging Machine: Consumption, Demand, Sales, Competitor and Forecast 2016 2021MENAFN Press
(MENAFN Press) Cold Forging Machine: Consumption, Demand, Sales, Competitor and Forecast 2016 – 2021 Cold Forging Machine Global Market 2016 Analysis and Forecast to 2021 PUNE, INDIA, September ...

 Sep 29 2016 - Global Wind Power Market Top Manufactures, Market Demands, Trends, Industry Growth Analysis & Forecast 2021MENAFN Press
(MENAFN Press) Global Wind Power Market Top Manufactures, Market Demands, Trends, Industry Growth Analysis & Forecast 2021 Global Wind Power Market Information Report by Application (Residential ...

 Sep 29 2016 - Global Facial Injectable Market 2016 Technological Innovations, Revenue Share, Opportunities, Trends and Forecast- 2027MENAFN Press
(MENAFN Press) Global Facial Injectable Market 2016 Technological Innovations, Revenue Share, Opportunities, Trends and Forecast- 2027 Market Research Future Global Facial Injectable Market ...

 Sep 29 2016 - Salad Dressing: Consumption, Demand, Sales, Competitor and Forecast 2016 2021MENAFN Press
(MENAFN Press) Salad Dressing: Consumption, Demand, Sales, Competitor and Forecast 2016 – 2021 Salad Dressing Global Market 2016 Analysis and Forecast to 2021 PUNE, INDIA, September 29, 2016 ...

 Sep 29 2016 - Global 3d vr virtual reality glasses Market 2016 Share, Trend, Segmentation and Forecast To 2020MENAFN Press
(MENAFN Press) Global 3d vr virtual reality glasses Market 2016 Share, Trend, Segmentation and Forecast To 2020 conditions, including the product price, profit, capacity, production, capacity ...

more...


 





Google

 
 

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

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