Egyptian economy suffers no cracks
Egypt, Economics, 1/29/2002
Egyptian Prime Minister Atef Ebeid said the Egyptian economy is strong and suffers no cracks according to available figures. He said we need only 8 per cent of our annual resources to settle our debts.
Following the Shura Council debates on the speech given by President Mubarak before the People's Assembly and the Shura Council, Ebeid said deficit in the balance of current operations had hit LE 3.6 billion and then turned into a surplus of LE 33 million. He said this required three years of efforts.
He said the government would not interfere with measures for correcting the course of the exchange market.
He said there would be no restrictions on private sector, adding that the government spending of the foreign exchange will be rationalized.
He said the government was obliged to spend one third of foreign exchange reserve to maintain exchange rate ,adding that elements willing to make wealth at the account of the people will not be allowed to determine the course of exchange rate.
He said Egypt's modernization programme would qualify it for merging with European community,adding that more care would be given to investors.
He said the government would provide 800,000 jobs annually of which 170,000 in the state sectors.
He said the upcoming stage would witness more efforts by the government to provide jobs and to support small size projects.
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