June 13 - Canada Egypt Business Council

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H.E. Dr. Amr Ezzat Salama, H.E. Mohamed .Elorabi. Ms. Samia S. Guirguis, Ms. Rasha Kamal. Mr. Jean –Pierre Mainardi, Ms. Rasha Kamal, Eng. Motaz Raslan Eng. Amr Aboualam, Dr. Hani Sarie El Din, Mr. Omar El Derini 10 There are promising possibilities, if the current policies are rectified in the correct direction, Dr. Abdel Khalek continued. In the 80’s and 90’s, the situation was more serious, deficit was higher than currently. The internal debt was above 100%. The external debt was also great however; Egypt was able to overcome that period. He emphasized that the solution needs to include all Egyptians and needs to give special attention to the poor and to the middle class. He drew the audience’s attention to the need for inclusive growth urging for adhering a great deal of importance to fighting unemployment that is currently averaging at 11%, however goes up to roughly 30% among those in the age group of 25 – 30. He warned that this is a bomb that waiting to explode at any moment.
H.E. Dr. Amr Ezzat Salama, H.E. Mohamed Elorabi Ms. Samia S. Guirguis, Ms. Rasha Kamal On the legislative side, he said that the Shura Council passed a number of tax laws. He said that the new legislation does not address social justice, which was at the top of the revolution’s list of demands. On the economy, he mentioned low and decaying foreign-exchange reserves, which barely cover the bill for three months of imports. He also mentioned deficit which now amounts to 10% of GDP. The plummeting value of the Egyptian pound is another facet of the economic crisis, which the former minister pinpointed. Dr. Abdel Khalek concluded noting his dissatisfaction with what the current government is presenting pertaining to the economy. He said that he is unhappy with the so-called National Project for Social and Economic Reform due to its approach. 11
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June 13 - Canada Egypt Business Council

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