PA Plan and Budget Committee Chairman Ahmed Ezz said GDP has reached LE 900 billion in 2007/2008, achieving an unprecedented growth of 7.2% versus 3.2% in 2002/2003. He also said that investments reached LE 200 billion, of which LE 126 billion (65%) came from the private sector and US$ 13.2 billion from foreign investments, against US$ 700 million in 2002/2003. He said that the average annual per capita income in Egypt is LE 11,700 compared to LE 10,000 last year, and that the unemployment rate fell to 8.8%, excluding housewives, army drafts and students. He said that public expenditure reached LE 282.3 billion versus LE 221.4 billion in income, and that the deficit reached LE 61.1 billion that are funded from loans and the privatization profits, in addition to LE 9.5 billion that pay domestic and foreign debts, bringing the total deficit to LE 70 billion. He said the Committee has allocated LE 252 billion to lay the foundations for social justice, and LE 41 billion for defense, security and justice, pointing out that the budget deficit and the public debt have been reducing for 4 years, and adding that the deficit as relative to GDP has reached 6.8% in 2007/2008 against 9.7% in 2003/2004. Also the government debt has gone down to 33%, and the external debt to 20%. He also said the Committee recommended that public employment should be done with transparency so that the young do not lose confidence in the government. And he called for reconsidering the subsidy that goes to the petroleum products in light of the short-term debts of the Egyptian General Petroleum Corporation reaching LE 100 billion, of which some are to public institutions, such as the Ministry of Electricity, which makes it difficult to collect. Ezz also indicated that the financial situation of the Railway Authority is not good, and he criticized the Investment Bank for pumping funds in the stock market after it has collapsed.
