Sisi affirms economic reform program to be continued

CAIRO, July 1 (MENA) - President Abdel Fattah El Sisi on Saturday affirmed that the economic reform program will be continued, alongside efforts made by the government to reduce the budget deficit in parallel with the expansion of social protection networks and programs.

The president's remarks were made during a meeting with the prime minister, the governor of the Central Bank of Egypt, the minister of defense and military production, the interior minister, the justice minister, the supply minister, the head of the General Intelligence Directorate, and the chairman of the Administrative Control Authority.

In a statement, presidential spokeman Alaa Youssef said economic situation is generally improving, despite a recent decision to raise fuel prices, which was taken within the framework of the economic reform program.

He added that the meeting reviewed the government measures to expand the social protection networks and programs, especially for the low-income groups and the most needy people, in the light of the recent decisions taken to partially lift fuel subsidies.

The president issued directives to accelerate the implementation of the announced protectionist measures and the promotion of social protection programs, Youssef said.

For his part, Prime Minister Sherif Ismail reviewed measures taken by the government to expand social protection programs.

EGP 85 billion of the general budget have been allocated to implement these protectionist measures, the premier said.

Fare raise following the decision to raise fuel prices was closely followed up, and it ranged from 10 to 15 percent in several governorates , he added.

Sisi ordered intensifying inspection campaigns on means of transport and markets nationwide to make sure that the decision would not be exploited.

Sisi also issued directives to give priority to offering supply commodities at favorable prices and in appropriate amounts, and tightening control over the market to confront rising prices.

Fort his part, Supply Minister Ali el Moselhy said a decision to increase financial subsidy from EGP 21 to 50 per person have been put into affect.

He added that the ministry's operations room is closely monitoring the availability of basic food commodities in the markets.

Moselhy said the deadline for updating the ration card beneficiaries database was extended till July 15.

Ways to encourage the poultry industry and the ongoing efforts measures for retaking state land from their illegal occupiers were discussed, the presidential spokesman said.

The meeting also reviewed general economic indices, especially with regard to the country's foreign exchange reserves, which have hit its best record since 2011, he added.

Sisi hailed the Egyptian people who consciously and wisely endure the economic reform's difficult decisions. (MENA)