Measures to overcome negative effects of recent economic events

All EU countries and institutions support Egypt’s efforts to restore economic stability and its endeavours to create more job opportunities, according to High Representative of the European Union for Foreign Affairs, Baroness Catherine Ashton, in her meeting with Egyptian Finance Minister, Dr. Samir Radwan.

In the meeting, Dr. Radwan asked the European Union Commission’s support for Egypt’s proposal to replace its due debts or interests to EU states by financing development projects in Egypt.

Moreover, Dr. Radwan said the Egyptian government is continuing its economic reforms, affirming that there is no going back in the march of reform which emphasises social equality.

The Egyptian minister reviewed as well the group of measures taken by the government to fend off the negative repercussions of the current events. The measures focus on three pivots. First, there are measures with immediate effects, such as compensations for the establishments harmed by the recent events and for the citizens who lost their jobs, in addition to allowing for paying income taxes through instalments, and cancelling fines on delayed payments of social security subscriptions and sales tax. This also includes other measures aiming at restoring rapid economic growth and creating jobs.

Second, there are efforts aimed at creating an atmosphere favourable to small- and medium-size projects which play a considerable role in economic growth and making available more jobs.

Third, there are endeavours to serve giant national projects, such as the development passage project which can create a specific leap for the Egyptian economy. The minister reviewed the new job opportunities and several investments which will be brought forth by this project.

(Source: Ministry of Finance)