Mubarak gains wider authority for reform
Egypt, Politics, 9/10/2005
The Egyptian minister of investment Mahmoud Mohey Eddine said that the win of President Mubarak for the first multi-candidate Presidential elections in the country gives him a wider authority to make change at the economic and political levels.
He added that there are many reforms that are to be carried out in the future but would not come fast enough to correct all problems before the parliamentary elections set in November.
Mohey Eddine is considered among the ministers who proposed several economic reforms in July 2004 in order to enhance the investment environment, increase the level of economic growth, and started privatization programs, and helped in bringing more revenues to the government.
Mohey Eddin said he collected 2.9 billion Egyptian Pounds from privatization operations in the fiscal year 2005- 2006 which started in July.
The reform of the public sector in Egypt faces difficulties represented in the big labor force in he government and governmental companies. Among sectors expected to be privatized soon is the sector of insurance.
The government is studying the issuance treasury debt bonds due to be paid by companies and banks from the public sector. Total value of due loans is estimated at 32 billion Egyptian pounds.
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