Sherif Ismail: Govt Realizes Current Difficult Economic ConditionsSource: www.export-egypt.com 11/1/2016, Location: Africa |
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 The government realizes the difficult economic conditions which are facing the country and the citizen, said Prime Minister Sherif Ismail.
Ismail attributed the reason behind the current economic conditions to the accumulated problems over the past years without confrontation or taking tough decisions that would have prevented reaching such difficult situation. Delivering a speech before the House of Representatives' general session, Ismail said that stability is the most important thing. "We have to look around us and see what is taking place in neighboring countries, including Syria, Libya, Iraq and Yemen," he added. Prime Minister Sherif Ismail added that his government faced a bad economic situation due to earlier problems, in addition to repercussions of the five years that followed the January 25th revolution. These elements badly affected the budget deficit, especially with the accompanying increase in salaries and pensions, the premier reaffirmed. While the deficit was estimated between 11-12 percent, the general debt was between 97-98 percent, the Prime Minister said, noting that Egypt faced a similar situation in the 1980s and in 2003 but managed to overcome obstacles through certain measures that were taken then. Ismail said his government has taken a number of measures including the added-value tax, the new civil servants law, in addition to electricity-related measures. He also referred to the implementation of an economic reform program to be finalized by mid-2018. The problem, however, is not only economic, the premier said, asserting that that also a big part of the problem is related to corruption, management and implementation. That is why the government sought the help of the Armed Forces that have an efficient administrative body. Prime Minister Sherif Ismail said, before parliament, on Monday that the government is working on four pivots of reform; namely reforming the public finance, achieving social justice, boosting investments and reforming industry. As for the exchange rate, Ismail said that the Central Bank of Egypt is working on solving the dollar crisis. "A decision will be taken in the right time to unify the exchange rate of the dollar in the official and parallel markets," he added. On the tax system, the premier thanked the parliament for passing a draft law to end tax disputes. "The government is mulling over the progressive taxation," he said. He asserted that customs is part of the reform system. As for tourism, Ismail said that tourism in Egypt is targeted. New tourism markets were opened in East Asia and East Europe, he said. |
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