(MENAFN- Kuwait News Agency (KUNA)) CAIRO, April 17 (KUNA) -- The Egyptian government aspires to see the private sector turning into the mastermind of the national economy with the prospected takeover of 70 percent of its volume, said the Minister of Finance Dr. Mohmmad Maait.
The aspiration for a larger stake for the private sector in the economy is hoped to be simultaneous with emphasis on increasing local production and exports, said the minister, according to a statement by his department, issued on Wednesday.
It indicated that he was speaking during a seminar including officials from local departments and the Middle Director of the International Monetary Fund Jihad Az'our on the sidelines of the IMF and World Bank spring meeting, held in Washington.
Minister Maait noted that the Egyptian authorities had set the maximum limit of the state investments at USD 20.5 billion in the next fiscal year, indicating that the size of the allocation would leave a margin for the private sector to acquire stakes in some sectors.
This approach is hoped to create one million jobs per year, he elaborated.
"We are committed to realizing financial restraint," he said, indicating that this approach was seen in the tremendous surplus recorded in the past financial year, also noting that this accomplishment would be helpful "to trim the debts and the deficit." (end)
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