Egypt, Dana Gas report new well success in onshore Nile Delta    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    UK pay settlements stagnant amid inflation surge    Egyptian pound opens flat on July 23    Egypt's current account gap narrows, but overall BoP records deficit    Egypt hosts international neurosurgery conference to drive medical innovation    World Bank proposes Egypt join new global health initiative    Egypt, India discuss expanding industrial, investment partnerships    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Egypt welcomes 25-nation statement urging end to Gaza war    Egypt, Senegal sign pharma MoU to unify regulatory standards    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, Uruguay eager to expand trade across key sectors    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



El-Beblawi tasks ministers to prepare economic roadmap
Published in Daily News Egypt on 13 - 08 - 2013

Interim prime minister Hazem El-Beblawi tasked the country's economic ministers with preparing the economic roadmap, which will supplement the political roadmap proposed by the army after the ouster of President Mohamed Morsi.
Ashraf Al-Araby, Minister of Planning and International Cooperation, said the economic roadmap's first draft is expected at the end of the month.
A cabinet source said: "the document will spell out ways to help Egypt recover from its current economic crisis, meet the immediate financial needs of the country, identify and promote new investment opportunities and address problems related to unemployment."
He added that as of now Egypt had received $5bn in aid from Arab countries.
Al-Araby denied that Egypt was on the verge of bankruptcy, saying: "our budget deficit is currently only 10%", adding that recent reports have estimated that such numbers will total $19.5bn by June 2015, saying that reassessments of deficit rates were being conducted.
He stated that the government's current economic goals revolved around ensuring social justice, not implementing new taxes, and avoiding placing additional burdens on low income citizens.
He added that the government's current goal was to stimulate the economy, saying: "we seek to accomplish 3.5% growth over the coming fiscal year, 2% at the lowest, and employ policies aimed at growing, as opposed to shrinking the economy."
Al-Araby said the government sought to repay EGP 2.5bn in dues owed to contractors before this coming September, bringing in the total number of dues scheduled to be paid by the new government to EGP 6bn. EGP 3bn of these will go towards contractors, with an addition EGP 800m going to economic government bodies and institutions.
He added that foreign debt is $45bn, a level which he described as "safe", saying that the government is to reassess its comprehensive economic approach and further implement additional development projects. He said the government was seeking to decrease interest rates on loans, which would have a positive effect on available amounts of credit in banks.
Translated from Al Borsa newspaper


Clic here to read the story from its source.