Investments upped to 30 billion pounds in new budget
Egypt, Economics, 2/18/2002

Egyptian Prime Minister Atef Ebeid Saturday said that investments in the new budget have been raised to 30 billion pounds, an increase of 4 billion pounds compared to last year, following the success of the government in repaying part of its local debts.

He said that 50 per cent of the increase in investments will be directed to projects to employ youth and increase soft-term loans for them.

A quarter of a million pounds will be earmarked to improve services in every village in Egypt and one billion pounds for urgent projects.

In an interview which will be screened, in two parts, Saturday evening and Sunday morning by the "Dream" space channel, the Prime Minister said that the government civil servants will be given an increase in pay in the new budget.

The amount of the increase is being discussed by the Finance Minister, he said.

The Prime Minister said the problem of the dollar exchange rate will be dealt with under the supply and demand law. Government dollar needs will be taken out of demand in order to rationalize demand on the dollar in the market.

Ebeid said the needs of the private sector to buy requirements of production will- be provided from the resources of foreign currency.

The supply of dollars in the market will be increased by using loans and grants from "friendly countries," he said. The Prime Minister underlined that the government is able to pay local debts and their interest.

Local debts are "within safe limits," he said. Ebeid called on political parties to have a dialogue to offer solutions to problems.

He looked forward to hearing suggestions from parties on issues related to imbalance in the market of foreign currency, the increase of exports, the rates of development and solving the unemployment problem.

" Let us hold a round-table discussion and agree on suitable solutions," he told the parties.

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