CAIRO - 16 August 2022: Finance Minister Mohamed Maait stressed that he will do his best to contribute to building the "new republic" as President Abdel Fattah El Sisi renewed confidence in him in view of the recent cabinet reshuffle, according to the state news agency, MENA.
In a statement on Monday, he said efforts are underway to magnify state's capabilities for the optimal handling of the repercussions of the current international economic crisis.
He highlighted the importance of promoting vital sectors, such industry and agriculture, in addition to proceeding with securing jobs and expanding social protection programs for most needy strata.
He said more meetings will be held with representatives of the business community to pinpoint their needs in view of the extraordinary international conditions in order to alleviate burdens and incentivize local and foreign investments.
He added that the state will continue adopting more flexible financial policies to be capable of dealing with domestic and international shocks and realize economic and development targets.
He stressed keenness on proceeding with updating and mechanizing the tax and customs mechanisms.
This goes in line with the state's drive to empower the private sector and lure foreign and local investments, he noted.
He added that the ministry is working on presidential directives to secure needed funds for staple needs of people as well as social protection for poor people.
He referred to the latest exceptional package at LE 11-12 billion under which additional one million needy families joined Takaful and Karama program, thus upping the number of beneficiaries of the program to more than 20 million nationwide.
He said about LE 490 billion of the state budget of the current year was allocated for social protection programs.
Tue, Aug. 16, 2022
