People's Assembly approves Egypt's economic plan of action
Egypt, Economics, 4/16/2002

Forging ahead along the path of economic reform drive, the People's Assembly approved this week Egypt's plan of action for the FY2002-2003 and expressed confidence in the government's economic policy.

Within this context, Prime Minister Atef Ebeid said in recent statements that priority is given to improving services and updating utilities in the best interest of the broad masses.

Ebeid also laid emphasis on rationalizing foreign currency spending and confining imports to raw materials and products that are not produced locally.

This in addition to prioritizing locally made products as means of boosting the national economy.

Developing human resources, updating the education system and expanding vocational training centers come among the government's main targets.

On the same note, a special interest is given to improving the civil servants status and developing the incentives system.

Moreover, a social allowance of 10 per cent is to be cashed with the start of implementing the new budget as of July.

Ebeid confirmed that an unemployment aid fund would be set up in July to be run jointly by the Ministry of Labor and the Egyptian Trade Union Federation (ETUF).

Based on the same premise, Ebeid pinpointed that the government intends to create about 750,000 jobs for youth under the new 2002-2003 budget.

Some LE. 34.8 billion is allocated for salaries and pensions for the civil servants, an increase of 9 per cent over last year.

On another score, Ebeid underlined the necessity of ensuring a strong legislative base through promulgating a host of bills on money laundering anti-monopoly, the special economic zones, the unemployment aid fund and the unified banks and communications laws.

New amendments are to be added to the insurance and pensions law in line with the government's keenness to strengthen the social dimension and ensure equal justice among citizens.

Previous Stories:
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