LE 2300 million in next Budget for youth jobs in all governorates
Egypt, Economics, 4/10/2001

In his comment on the government policy statement reply committee, Prime Minister Atef Ebeid told the People's Assembly yesterday that for the first time in a span of twenty years, a sum of LE 2300 million would be earmarked for providing job opportunities for youths, of which LE 1300 million in the general budget and LE 1000 million in the budget of the Social Fund for Development.

The Prime Minister said these jobs would be distributed to all governorates according to the number of jobs which should be created on labour market.

Elaborating, the Prime Minister said the beginning of the new Fiscal Year will start with applying the more pressing programmes such as completing drinking water stations, hospitals and building new schools.

The Prime Minister said maps have been made for Egypt's land according to their characteristics adding the state land protection agency will start its activity early next month.

The Prime Minister said foreign debts are decreasing and that their burdens are moderate and do not exceed 8.7% of our foreign exchange resources.

He also said tourism revenues rose in the first quarter of this year's budget by one billion dollars.

He said the number of tourists has reached 5.5 million passing 32.8 million nights.

He said the government would no longer extend the service of any official reaching the age of pension in the state machinery and service organizations.

He said five programmes are currently being carried out for rehabilitating the sector of industry and increasing its competitive capability.

He said some 1500 Egyptian factories will be modernized adding the EU has earmarked nearly LE 700 million for financing the first stage of modernization programme.

He said public sector factories will be modernized through privatization revenues.

The Prime Minister said the funds of the Social Fund for Development are fully secure and are recycled for establishing projects and creating job opportunities.

He said this fund is supported by 16 friendly states and development establishments.

The Ebeid government has won the confidence of the People's Assembly at the end of its debates yesterday on the government policy statement.

Ebeid Says Economic Growth hit 5% Last Year, to Reach 5.5%

Ebeid told the People's Assembly the Egyptian economy is growing at a real rate, hitting 5 percent last year.

Ebeid predicted the economic growth rate percentage of this year will reach 5.5 Answering the question of parliamentarians on the government statement, Ebeid said Egypt's investments last year reached 22.8 percent of the Gross Domestic Product (GDP).

Investments would reach 24 percent, he said, after Egypt managed to boost non-oil commodity exports by 15.3 percent.

"Egypt decreased deficit in foreign currency from commodity exports and services from 3 percent of the GDP in 1998 to 1.2 percent this year," he noted.

"The inflation rate also is on the eclipse as it reached 2.8 percent," he said.

Also, the foreign debts are decreasing as well as their annual burdens as they do not surpass 8.7 percent of the annual sources and foreign exchange.

"Egypt attracted $ 7 billion in the form of investments into the oil secor. Talks are under way to invest an equal sum in the natural gas field," he added.

Ebeid tells parliament gov't keen on national unity Ebeid told the People's Assembly (PA) that the government is keen on protecting the rights and beliefs of individuals.

"The government is keen on protecting the rights of individuals and their beliefs to keep the national fabric intact from any breach however small," Ebeid said.

Ebeid said the Egyptian people live in one nation, one country and have one fabric.

"No Muslim or Copt will be touched because of religion," he affirmed.

The rights of individuals and institutions are guaranteed by constitution and laws, he added.

Egypt's Reform Policy Stresses Press Freedom, Multi-Party System Ebeid said Egypt's reform policy stresses the freedom of the press and the multi-party system representing the various national trends.

He lauded the judicial supervision on People's Assembly elections.

Ebeid stressed government's commitment to the preservation of national unity and territorial integrity.

Ebeid said Monday that the international community appreciates the Egyptian firm and inalienable stances and wise policies.

Ebeid added that the government policies are aimed at increasing Egyptian exports and enhancing foreign investments into the country.

Previous Stories:
  Direct telephone contacts between Egypt, Sudan   (4/9/2001)
  New budget maintains increments, increases pensions, provides 700,000 job opportunities   (4/9/2001)
  World Bank backs Mubarak's efforts to improve Egypt's economy   (4/5/2001)

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