Abou El Enein: Public investments multiplied 3.6 times and reached EGP 143 billion
Prominent Businessman MP Mohamed Abou El Enein lauded on Sunday the political leadership and government’s achievements at the economic level over the past years.
Abou El Enein was delivering a speech during the House of Representatives’ discussions about the report of its Planning and Budget Committee on the State’s General Budget Final Account of the fiscal year of 2018/2019.
“Egypt’s large accomplishments had been acclaimed by international institutions,” Abou El Enein stated.
The MP clarified that the total expenses in the 2018/2019 fiscal year multiplied 3.5 times, reaching EGP 1.4 trillion compared with EGP 401 billion in the fiscal year of 2010/2011, adding the public investments recorded EGP 143 billion compared with EGP 39 billion in 2010/2011 FY, multiplying 3.6 times.
“The volume of subsidy hit EGP 287 billion in 2018/2019 FY compared to EGP 123 billion in 2010/2011, also the state’s revenues from the taxes recorded EGP 736 billion, compared to EGP 192 billion,” he added.
He pointed out that Egypt reached the highest economic growth in 11 years (5.6%) before the coronavirus crisis, noting that Egypt is the most attractive country for investment in Africa and the second Arab country, implementing projects in recent years with more than EGP 2.1 trillion.
“The key challenge is to maintain the recent successes and reducing the damages due to the global pandemic along with the speedy recovery from the crisis,” Abou El Enein said.
He also underscored that the financial policy should encourage localizing the industrialization and achieve self-sufficiency in production inputs, urging House of Representatives to turn Egypt to China of the Middle East and Africa.
He stressed the importance of the state’s support to the agricultural sector and encourage the farmers to cultivate strategic corps like wheat and cotton.
He also called for boosting expenses on the health, educational, and scientific research sector as they are top national security files.
