New index system to enhance flow of economic data

Egypt's government is applying an international accounting and economic indexes' system for the first time, which guarantees the flow of accurate information to all national economic sectors, Minister of Planning Osman Mohammed Osman told a conference marking the event, yesterday.

This comes under cooperation between the government and the US Agency for International Development (USAID), he added.

"The government gives priority to the creation of strong and correct databases that will aid decision-makers in deciding the right development plans and in turn improve social standards," said Osman.

He pointed out that this system would narrow the information gap between official agencies and international ones especially with regard to national income, production, trade and storage figures.

Director of the Central Agency for Public Mobilization and Statistics CAPMAS Ehab Olwi said that the government wants to develop its statistical system to international standards with the aid of USAID.

This information will be available on a monthly, quarterly and yearly basis and will cover the latest economic activities, he added.

US Ambassador to Egypt David Welch told the conference that by applying this system, Egypt would join a group of 52 to emerging markets, which will attract investment from all over the world.

"Providing investors with the right information helps boost the economy and attract foreign investors," he said.