31 December 2012

Egypt: Govt Launches a National Initiative for Economic Take Off

Prime Minister Dr. Hisham Qandil has launched a national initiative for achieving economic take off. This initiative which is based on the philosophy of "let us agree on what unites us" includes the following axes: social justice, financial and monetary stability, investment, employment, innovation, expanding business, combating corruption, energy and its future in Egypt and tourism.

The Prime Minister pledged to offer the initiative to experts, parties and political powers adding that the government will adopt the recommendations to be reached by societal dialogue in its plan to achieve economic take off.

Qandil said the economic situation is critical. However he said there is no room for collapse or bankruptcy adding the government will not float the Egyptian pound nor will it resort to printing banknotes. He said the biggest problem is the budget deficit.

He said increasing prices of some commodities will not touch fuel, bread and essential commodities, adding "we shall take difficult decisions that aim at serving the interests of the Egyptian people". He said Egypt is facing difficult challenges adding these require urgent measures that could quickly improve services, provide job opportunities and encourage the climate of investment.

On the cabinet reshuffle, the Prime Minister said is heading a technocrat government adding the new reshuffle will come in this context adding there is full coordination with President Morsi on this reshuffle.

As for legislation, he said applying the new constitution requires amendment of laws adding the government will discuss this week the parliamentary elections bill in preparation for referring it to the Shura Council. He said the government will also discuss Islamic bonds bill on the organization of demonstrations.

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