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LE 75 billion for carrying out investments of the development plan
Egypt, Economics, 1/2/2002
At its next meeting, the Cabinet under Prime Minister Atef Ebaid will review the guidelines of the social and economic development plan for the upcoming Fiscal year 2002-2003. Cabinet sources said the development plan draft aims at carrying out investments worth LE 75 billion of which the private sector will carry out at least 70%.
The sources said this comes in the framework of the State plans which envisages that private sector will bear the big role in development.
The sources said the upcoming year's draft plan aims to increase economic growth rate to 4.5% to find a way out of the current slackness and stagnation which were the main characteristics of the past two years. That would restore balance to economic activity, open new labor fields and create genuine job opportunities.
The sources said Prime Minister Atef Ebeid asserted that the development plan final draft will be made in a way that satisfies the demands of the people.
The government plan in the upcoming stage will be based on suitable credit, and monetary policies envisaging a wide role for the private sector.
The plan will focus on rearrangement of priorities in order to enable it of flexible coping with changes posed by September 11 incidents in the United States.
The plan will also envisage improvement of services extended to the masses, public utilities in slums, and villages.
The sources said the draft plan will make emphasis on rationalizing foreign component, increasing no new projects without offering necessary technical and economic feasibility studies needed for them and no overburdening investment utilizations with any current expenditure.
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