Our first Priority is to approve the new Budget, concludeTax amendments and complete the negotiation file with the International Monetary Fund

Continuation of the Financial Policies’ Trend in supporting Social Dimension and spur Economic Growth

Sukuk Instrument is a significant financing mechanism… Issuance of the first Sukk immediately after concluding the Executive Regulation of the Law

In his first press release, the new Minister of Finance  Prof. Fayad asserted that the first important priority of the Ministry during the next phase is to adopt the draft law of the new budget for fiscal year 2013 / 2014, complete the amendments package to tax laws , being discussed now by the Shoura council, enter maximum and minimumwage level into force, complete negotiations with the IMF regarding economic and social reform program and the issuance of the first Sukk to finance public project.

He pointed out to the files, he will give special attention, given its important role in restoring financial and economic stability and improving general budget abilities to achieve a hike in public services as well as rearrange public expenditures priorities, which is considered a major tool to realize social justice, advocated by everyone.

He added that he is aware of several files of the Ministry of Finance, whereas he is a university professor interested in economic affairs and he also participated in community dialogues which discussing the economic reform program, therefore he has a clear vision regarding the procedures to be taken to achieve the missions mandated by president Mohamed Morsi and the policies of prime minister Hisham Kandeel.

He explained that he will hold a series of meeting with the Ministry’s leaders and the heads of the affiliated major authorities and sectors to identify workflow, the problems they encounter and the adopted plans in order to develop performance as well as identify priorities in view of the president’s mandates to the government.

The Minister asserted the continuation of the general financial policies supporting social dimension and the coordination with the Central Bank of Egypt regarding the integration between the financial and the fiscal policies, as well as with the economic group ministers to implement incentive and economic growth driving policies, as everyone is working in the framework of economic triggering initiative commenced by the prime minister Hisham Kandeel for purposes of establishing a more capable, diversifiable and fair national economy.

As for Sukuk mechanism, the Minister said that upon issuance of the executive regulation of Sukuk law, Sukuk shall be underwritten to finance public projects , pointing that Sukuk are addition to finance mechanism in the Egyptian market, they also meet the needs of significant investor segment, who are interested to invest in property instruments rather than debt instruments.