President Mubarak presides over ministerial economic group meeting
Egypt, Economics, 8/2/2001

Egyptian President Hosni Mubarak Wednesday presided over a meeting of the ministerial economic group at the Borg A1 Arab lounge.

The meeting discussed a number of ministerial reports, particularly as regards following up and regulating the exchange market and realizing stability in the financial exchange market and daily follow up of changes related to this.

Following the meeting, Minister of Information Safwat A1 Sherif made statements on the activities of President Mubarak in which he said that President Mubarak held talks with Palestinian President Yasser Arafat during which they exchanged points of view in the light of conditions and their deterioration in Palestinian territories and also the results of contacts made by President Arafat during the past days and contacts which took place at the Arab and international levels so that the international community may assume its responsibility in full towards conditions which are becoming more serious.

El Sherif said that as regards President Mubarak's meeting with the ministerial economic group, the President discussed and followed up a number of economic and financial policies.

The President listened to a report on the government's plans as exports of Egyptian goods and the broad lines of government performance as regards the modernization of Egyptian industry and the sectors which have a relative privilege which serve exports.

Al-Sherif said that President Mubarak listened, during the meeting of the ministerial economic group, to a detailed report on the government's policy as regards regulating the Egyptian exchange market and measures taken by the government to realise stability in the exchange market in accordance with actual policies which realise balance and checks excesses which are committed by some exchange offices and excesses which are contrary to law.

Al-Sherif added that President Mubarak gave directives that the economic group holds a daily meeting under Ebeid to be attended by the Ministers of Economy, Finance, Interior, Trade, Planning and the Governor of the Central Bank.

The meeting should be held daily and an announcement should be made on measures and clear policies which realise stability in the foreign exchange market and firmly stops all excesses and supports the mechanisms of the market and meets the required needs of foreign currencies.

President Mubarak said that it was important to check all statements published by newspapers to make sure that they are confirmed and within the framework of commitment to the policies of the state. Officials should correct statements which may not be compatible with these policies.

Al Sherif said that President Mubarak stressed during the meeting of the ministerial economic group the importance of commitment and follow up of the decision not to import goods for which there are Egyptian equivalent.

The commitments is designed to improve was the trade balance in the light of what was presented by Prime Minister Ebeid that was an evident improvement in the trade balance.

President Mubarak stressed that it was important to continue realise the export goals and give priority to agricultural products in the light of the increase realized in the volume of the export of a number of agricultural products in the first months of this year, particularly rice and fruit.

The President said that the government should have clear policies to which it is committed as regards the programme of privatization and announcing the joint companies which will be offered after completing evaluation and there should be commitment to the timetable.

Al-Sherif said that this took place after the President had listened to a report from Dr. Ebeid on the results of the meeting of the Higher Privatization Committee.

Safwat A1 Sherif said that President Mubarak gave directives that priority should be given to the development of industries which have a relative privilege and ability to complete in the light of what was presented by the Prime Minister during the meeting as regards the broad lines of the State plan to modernise the Egyptian industry.

Mubarak also stressed and underlined the importance of full transparency as regards carrying out the programme of employment and job opportunities (800,000 job opportunities) through the programmes to which the government was committed and realizing equal opportunities among applicants.

The President stressed the importance of financial follow-up of all sectors of the State in order not to permit excesses in allocations or in the volume of investments in the budget and the plan in order to realise the goal and maintain the rate of deficit in the general budget and continue the improvement in the balance and maintain the rates of development.

Al-Sherif said that Prime Minister Atef Ebeid presented during the meeting all economic and financial reports and presented figures to confirm a rise in the rates of economic performance and increasing exports which is the goal of increasing sovereignty resources through raising performance and regulating expenditure without affecting the level of services.

Safwat A1 Sherif said that President Mubarak discussed during the meeting a report which discusses and follow up exchange market and also a daily follow up of changes through the request made by the President that the economic group meets daily.

President Mubarak asked that the government presents to him in the coming weeks its policy on the development of performance in the Stock Exchange to make it work within a constituent framework and makes it avoid manipulation.

The Minister of Information said that President Mubarak will hold a meeting in September during which he will discuss plans of all ministries and State sectors and what has been realised and also the goals in the short and medium term.

President Mubarak underlined the importance of follow up and control of those who violate the law and referred to excesses committed by some exchange offices in violation of the law.

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