In his first appearance before the new House of Representatives, Prime Minister Mostafa Madbouly said the government managed to implement 100 percent of its economic reform program.
PM Madbouly is delivering a statement and answering questions from MPs on the government’s policy program.
Madbouly said the government has been committed to informing people and the House of Representatives on the developments in implementing its policy program over the past two years.
He explained that three governmental reports were submitted to the previous House, the latest of which was in November last year.
The government of Mostafa Madbouly took office in June 2018.
Investments and unemployment
The PM told the House that the government’s total investments over the past two years amounted to EGP 324 billion.
The inflation rate decreased to 5.7%, the lowest in 14 years, Madbouly said, adding that the government managed to control prices of food commodities and increase the supply of strategic goods.
Egypt’s newly-seated House of Representatives had summoned on Sunday the prime minister and other ministers to present and answer questions on the government’s ‘Egypt Kicks Off’ programme.
The premier hailed the role of the national projects implemented by the state in securing more job opportunities, noting that unemployment rate reached 7.3%
The unemployment rate decreased during the third quarter of the fiscal year 2019/20 to 7.7% but later increased to 9.6% owing to the coronavirus pandemic, Madbouly said.
He added the measures taken by the state amid the pandemic pushed the unemployment rate down to 7.3% in the first quarter of the current fiscal year.
In the energy field, Madbouly said the total value of the state’s investment in research, development and operation efforts reached $11 billion over the last two years.
He also said another $50 million in oil and gas were invested in the field.
As many as 3.7 million pre-charged and smart electricity metres have been installed nationwide to collect electrical bills.
Fighting the pandemic
On coronavirus, Madbouly said the government has worked on sparing the Egyptian people from the worst of the repercussions of the pandemic and continued normal operations during hard and cruel times.
The PM said Egypt managed to balance between the scales between protecting citizens’ lives and keeping the economy open during the pandemic.
He added that the government has known since the start of the crisis that closing the economy would eventually leave the country in a bad situation.
Egypt has been among the best countries in the world in dealing with the pandemic and has been one of the countries least affected by the virus, he said.
He added that Egypt ranked second after China in terms of economic development in 2020.
Madbouly stressed that Egypt’s efforts in the face of the pandemic have been hailed internationally.
More to follow
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