Mubarak to review ministers' plans and achievements

Egyptian President Hosni Mubarak is expected to preside over a Cabinet meeting next week where he will review every ministry's plans and achievements.

The Cabinet will discuss some reports on economic performance, exchange market and youth employment before submitting them to the President.

This came following the ministerial economic group's meeting yesterday under Prime Minister Atef Ebeid.

The meeting discussed the latest developments on the rate of exchange market after the application of the new exchange rate system.

A responsible source at the Cabinet said that the new measures applied by the government as regards the exchange rate led to an increase in the revenue of banks of foreign currency in spite of attempts made by some exchange companies to obstruct the flow of the largest amount of foreign currency from various sources to the banks.

The source took this as a clear indication of the success of the new system which conforms with the mechanisms of the market and the real exchange rate of the currency.

Reports reviewed by the economic group indicated that the pound is expected to retain its price against the dollar and that the central exchange rate will drop in the coming period as a result of the increase in the amounts of foreign currency sold to banks and bureau de change.

Ebeid, following the meeting attend by Chairman of the small-scale enterprises associations, indicated that the government will offer all facilities to youths working in these enterprises in a way that enable then export their products to foreign markets.

On the other hand, Chairman of the Social Fund for Development Hussein Al Gamal said a decision was taken to lend L.E one million to every small-scale enterprise that rehabilitates and trains 50 youths. "A sum of LE 100 million was allocated for this purpose," he said.