FILE PHOTO: Finance Minister Mohamed Maait speaks during a news conference in Cairo, Egypt July 5, 2018. REUTERS/Mohamed Abd El Ghany/File Photo
CAIRO - 29 August 2022: The Egyptian government’s exit from some economic activities aims to empower the private sector and maximize its role in industrial and export activities to create one million productive jobs annually, Minister of Finance, Mohamed Maait stated Monday.
Maait added that it also aims to increase the proportion of its contributions from the total implemented investments to 65 percent, and attract foreign direct investments of $10 billion annually over the next four years.
“Especially as we have sustainable energy sources, developed infrastructure and young cadres, in a way that provides the basic ingredients needed to ensure economic stability,” he elaborated.
He noted that the citizen is the first beneficiary of that with the availability of diverse job opportunities and the improvement of infrastructure and the quality of products and services in light of fair competition, which can sometimes contribute to reducing the cost of providing goods and services.
He added that the government aims to lay the foundations of strong mechanisms to regulate markets and ensure fair competition to accelerate the pace of development and maximize the economic return on state assets.
He explained that increasing agricultural and industrial production and maximizing exports is a presidential priority to ensure strong and sustainable growth that contributes to achieving comprehensive development, so that financial savings are directed to improving citizens' lives and reducing government indebtedness.
The last fiscal year witnessed an increase in spending on human development and social protection networks, he noted.
Expenditures on health increased by 21 percent and education by 23 percent, which exceeds the annual growth rate of budget expenditures, which is estimated at 14.8 percent, reflecting the priority given by the government to these two vital sectors.