News Column

Cabinet - Reform Decisions Issued Without IMF Pressure

July 14, 2014



Cabinet Spokesman Ambassador Hossam Al-Qaweesh underlined that the recent economic reform decisions, in terms of reducing energy subsidy, came out of keenness on the nation's best interest and without any foreign dictations or pressures.

Qaweesh ruled out that the International Monetary Fund (IMF) has any role in the issuance of these decisions, noting that the government has never discussed or sought to obtain a loan from the IMF.

The Ambassador noted that the step to amend the energy prices was late for 40 years, noting that this isn't an easy measure and reflects the government's courage and that its hands are not shaking.

Qaweesh also noted that the reform decisions were supported by President Abdel Fattah al Sisi, noting that their impact will be manifested soon in the launching of a number of services and development projects. He explained that Egypt's credit rating starts to rise and was positively reflected on the bourse performance last week.

It will also encourage investors to pump more funds in projects inside Egypt and are designed to offer thousands of jobs.

The Spokesman made clear that this reform step is not against the poor, but rather designed to serve them.

Meanwhile, Prime Minister Ibrahim Mahlab gave directives to services sectors ministers to be present in various governorates for one day on a weekly basis, given that the governors will work out reports on the problems facing their governorates and proposals to handle them.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: AllAfrica


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters