Egypt implements largest budget ever
Egyptian Prime Minister Atef Ebeid recently described the newly implemented state budget as “The biggest…in Egypt's history”, according to Akhbar al-Yawm daily. Under the new budget, approximately four billion Egyptian pounds ($I billion) will be allotted monthly to working families and retirees. This amounts to a yearly total of 45 billion in salaries for Egyptian citizens.
The new budget is part of an aggressive campaign, initiated by President Hosni Mubarak to improve living conditions in Egypt.
In addition to this year’s massive budget, the government has also undertaken a program to fight unemployment. An additional 169,000 jobs recently became available as part of the government project to provide employment to young graduates.
Moreover, the High Council for Investment (led by Mubarak), which oversees issues related to attracting investment and solving problems of investors, was recently reorganized. The move was made in the hopes of easily facilitating the flow of capital to Egypt, thereby boosting the nation’s economy and consequently the nation’s living conditions. ― (MENA Report)
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