New budget maintains increments, increases pensions, provides 700,000 job opportunities
Egypt, Economics, 4/9/2001

At an expanded meeting at the Presidential Cabinet attended by Prime Minister Atef Ebeid and a large number of ministers, President Hosni Mubarak reviewed the main aspects of the draft state general budget for the year 2001-2002.

Mubarak gave directives to the government to maintain living standards for the state employees, to adopt feasible manpower employment programs and to abide by increasing exports.

During the meeting, Mubarak said the government should not give rosy promises.

In a briefing to the press following the meeting, Safwat AL Sherif put at LE 126.9 billion the total amount of the new budget.

"The draft envisages an increase of LE 14 billion compared to the previous budget," EL Sherif said.

He explained that the draft was worked out to meet needs of social services, including education and health.

"Around LE 31.9 billion was earmarked for wages of the civil servants," he said.

Safwat El Sherif said the state budget allocated LE 15.3 billion to carry out infrastructure projects in the fields of drinking water, sanitary drainage, roads and health units, and LE 5.5 billion in investments in power projects in villages and new communities.

"The state budget also provided appropriations necessary for the service of local and foreign debts, whether interests or installments, within an all-embracing plan to restructure government debts," said Sherif.

"President Mubarak reviewed finance sources estimated at LE 126.9 billion," Sherif said.

He noted that the President gave several directives as he stressed execution of a program to reduce population growth rates on the grounds that population growth affected development and amelioration of people's standards of living.

The President underlined maintenance of workers' increments, which hit three billion pounds for wages and one billion pounds for pension, and that the government has to give priority for upgrading the civil servants' standards of living, reaching about 5.7 million workers.

"President Mubarak said the government should announce its manpower program, over which accurate feasibility studies have to be conducted within control guaranteeing equal opportunities," said Sherif.

"Mubarak heard a briefing in this respect from Dr. Atef Ebeid on the program thoroughly studied by the government to provide 700,000 jobs, from which the state machinery in the fields of education and health would absorb 150,000 jobs," said El Sherif.

The President stressed the government's commitment to a program to promote exports in a way achieving a steady balance of trade.

"President Mubarak also urged the government to launch rehabilitation and training program to cope with the actual requirements of the labor market," said Sherif.

Previous Stories:
  World Bank backs Mubarak's efforts to improve Egypt's economy   (4/5/2001)
  Egyptian Businessmen expound Investment opportunities in Egypt   (4/5/2001)
  American aid reduction applies to all countries   (4/5/2001)

Please add a link on your webiste pointing to ArabicNews.com and bookmark ArabicNews.com & subscribe to our daily email news bulletin.

Search