Minister of Planning and Economic Development: Borrowing will only be in times of necessity for projects with development returns and on soft terms
Dr.. Hala El-Said: The Egyptian state, with its financial and monetary institutions and policies, is making great efforts to reduce inflation rates
The plan for the new fiscal year includes distributing forms, focusing on projects that are nearing completion, so that citizens can feel the return from those projects.
The Egyptian economy has all the basics that make it able to get through this exceptional period
Dr. Hala El-Said, Minister of Planning and Economic Development, said that the loans made by the state must have a feasibility study and have a local component and have added value or a technological dimension, noting that with the conditions of uncertainty that we are currently exposed to, like the rest of the world, we have put Controls for the borrowing process, and we will not get loans except those that are related to food security or those that are related to energy, and the loans are developmental, have a long grace period and low interest rates, that is, soft loans in cases of necessity in those exceptional circumstances that require taking into account many dimensions when developing the plan, explaining that There are several criteria that are set to review and approve loans, including that loans are not approved for parties that have not used or exploited previous loan amounts.
This came during her phone call to the "Talk in Poltics" program broadcast on Extra News channel, with journalist and journalist Ahmed Al-Tahri.
El-Said explained that within the framework of the state of uncertainty that the world is exposed to due to the current geopolitical influences, countries were affected in terms of price levels, imported commodities, energy prices, the availability of wheat, and so on, which affected inflation rates by increasing, noting that the Egyptian state has its financial institutions and policies. And cash is making great efforts to mitigate inflation rates, while maintaining the pumping of commodities at lower prices to reduce the burden of inflation.
In addition, El-Said added that the economic and social development plan for the new fiscal year includes targets for distributing forms, as the focus was mainly on projects that are close to completion and the implementation rates have reached about 70%, which makes the citizen feel the return from those projects, which contributes to maximizing the return from Investments, stressing that the state takes into account that there is a balance between the amount of investment that is pumped so that it is suitable for providing job opportunities and feels for the citizen.
Dr. Hala El-Said explained that the Egyptian economy was affected by the global repercussions, starting from Covid-19 and ending with the Russian-Ukrainian war, stressing that the Egyptian economy has all the basics that make it able to overcome this exceptional period, referring to the national program for structural reforms, which depends on more stimulation for the private sector. , and pushing and the efficiency of the labor market in the field of technical education, in addition to working to increase the real economy and increase exports, pointing out that there is an improvement in a number of sectors, including the revenues of the Suez Canal, which increased by more than 20%, and the improvement of our gas exports, as well as the improvement of the tourism sector. .
El-Said continued that there is also a plan to increase the participation of the private sector, pointing to the state’s exit from some sectors, stressing that we are proceeding in the structural reform plan at a steady pace, while working to reduce investment spending and postponing some non-urgent projects in order to reduce the burden of spending and inflation on the citizen.