Cabinet discusses unified labour bill, foreign exchange resources
Egypt, Economics, 5/15/2001

Egyptian Prime Minister Atef Ebeid said the cabinet will discuss at its meeting on Thursday a number of issues and reports related to domestic policies mainly the unified labor bill in its final form as a preliminary step before submission to President Mubarak already amended to reflect in conformity with interests of the government employees and labour.

The Prime Minister said the cabinet will also discuss ways of increasing remittances by the Egyptian expatriates, stepping up efforts for developing resources. Discussion covered contribution by the state services sector in increasing foreign exchange resources in the upcoming stage, besides cutting down utilisation of foreign exchange in the sectors of information, culture, tourism, housing, health, higher education, water resources, telecommunications and electricity.

The cabinet will also review a draft presidential decree establishing an agency for petrochemical industry in the upcoming stage and a number of executive decrees related to utilization of the state lands until the year 2017, as an initial step towards safeguarding the state properties and banning trespasses.

The Prime Minister said following the meeting that this bill would be applied immediately after its approval by the People's Assembly. He added that his law is not applicable to merchants whose sales' volume is less than LE 150,000 annually in line with President Mubarak's directives to protect junior merchants.

The Prime Minister said violators of this law in the first year will not be incriminated, indicating that no new additional burdens would be levied on citizens, mainly those of limited income, as a result of applying the second and third stages of sales tax.

Sherif Al Maghraby the deputy chairman of Cairo Chamber of Commerce said members of the chamber have unanimously agreed on applying the law immediately after its approval by the People's Assembly after responding to facilitations called for by 26 chambers at the level of the republic.

Previous Stories:
  Mubarak receives IMF Director   (5/14/2001)
  Stability behind Egypt's successful economic reform   (5/14/2001)
  Symposium calls for increasing trade exchange   (5/14/2001)

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