Gon't committed to economic reform policy despite period of stress
Egypt, Economics, 9/13/2001

Egypt is keen on showing strong commitment to economic liberalization, structural changes and privatization although the Egyptian may now face a "period of strain and stress," according to Minister of Economy and Foreign Trade Youssef Boutros Ghali.

Addressing the second day of the "Arab financial forum" sponsored by Euro money institution, Ghali reiterated that "we should not worry about the strains which we are now facing as they are still within what is known in liberal economy."

This period of strain is not unusual, not only in developing but developed countries as well, he added.

However, the government is strongly committed to liberalization, structural changes and privatization. Our institutions should be strengthened rather than dismantled, according to Ghali.

Our policy that we have already adopted today rests on "a continued commitment to market forces," Ghali elaborated.

The government is keen on keeping public spending within sustainable levels in a bid to generate employment, he noted.

"Some 93 percent of employment in Egypt exists in small-and-medium scale enterprises," Ghali said.

Moreover, monetary situation needs to be eased, Ghali pointed out, noting that the interest rate needs to be cut down.

Ghali reiterated the government's commitment to maintain privatization program, noting that some public sector enterprises still need further restructuring before selling.

"Increasing domestic savings relies on a decline of losses of public enterprises," he said.

On the whole, "we are committed to what we have started in 1991," Ghlai concluded.

Previous Stories:
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