The Egyptian economy succeeded in a number of economic indicators such as positive credit ratings by international institutions, Minister of Finance Hany Khadry Dimian said in his speech on behalf of Prime Minister Sherif Ismail.
He said these testimonials will push the government to take reform measures that are tough but necessary.
He said Egypt succeeded in implementing a number of fiscal and financial reforms by reducing energy subsidy allocations, which does not reach those who need it most, and shifting to the application of social protection programmes in addition to reforming the business environment.
He said the final account of the budget of the last fiscal year (FY), which will be announced soon, will reveal the government’s success in reducing the budget deficit by excluding grants and aid effect. The government will return to offer bonds in the international capital markets which underline the confidence of international business communities in the Egyptian economic reforms.
Dimian believes the government has several Public Private Partnership (PPP) projects with the cost of $12bn to $15bn; some of them were implemented and some are underway, including other new projects as desalination of sea water in Al-Tor, Safaga, and Alalmein.
The new projects will be launched within the next two FY, including the technology area in Maadi with investments of EGP 6bn, and the restructure of the commercial registry and notary office as well as presenting five new regions in Alexandria for other projects.
This is in addition to a project to establish four stadiums with capacities of 40,000 seats and two central cities to recycle solid waste and a project to establish of a multi-story parking garage in Abbaseya.
Dimian said the government is working with partnership mechanism to develop and modernise services provided to citizens through the development of existing projects and to implement new projects. He believes the government will be sure not to burden the citizen with any cost for the development of these projects.
