According to the schedule of debates, the Senate will meet on Sunday to discuss a report prepared by the Financial and Economic Affairs Committee on the state’s socio-economic development plan for the 2022/23 fiscal year. The debate is in line with Article 248 of Egypt’s amended 2019 constitution which assigns responsibility to the Senate. The Senate, however, is not authorized to discuss the annual budget.
Egypt’s new budget and socio-economic development plan for the financial year 2022/23 are also being discussed in the House of Representatives.
In a statement to the committee on May 16, Planning and Economic Development Minister Hala El-Said said the Russian-Ukrainian crisis had had a negative impact that led the government to reduce the rate of economic growth. of the country from 6% at the end of the current financial year 2021/22 to 5.7% in the new financial year 2022/23.
“However, we expect it to start climbing again to reach 6.2% and 6.5% over the following two years, which is higher than the 3.3% recorded in the financial year 2020/21 and those achieved by other countries, currently between three and four percent,” El-Said said.
According to El-Said, the domestic gross rate is expected to reach EGP 9.26 trillion at current prices, with a growth rate of 16.3 percent, from EGP 7.96 trillion last year.
“At the same time, we aim to achieve an investment boom, and we expect investment to continue to exceed EGP 1 trillion in the second year, reaching EGP 1.45 trillion in the new fiscal year, compared to EGP 1.24 trillion projected at the end of the 2021/22 financial year, with a growth rate of 17%,” El-Said said, indicating that “a projected amount of EGP 1.1 trillion (76 %) will go to public investments, against EGP 350 billion to private investments.”
El-Said said that priority in public investments will be given to the completion of national projects of which 70% have been implemented.
She added that achieving a higher economic growth rate is not the only goal of the new socio-economic development plan, as it also aims to reduce the unemployment rate to 7.05 percent. “This will be achieved by implementing infrastructure reforms and modernizing the technical education system,” El-Said said.
El-Said also said that one of the main objectives of the socio-economic development plan for the financial year 2022/23 is to contain the inflationary pressures caused by the Russian-Ukrainian war.
“In this regard, the plan places utmost importance on providing subsidies to the poor and vulnerable classes which are those who are severely affected by the ‘imported inflation’ caused by the war,” El-Said said.
If approved, the report of the Senate Financial and Economic Affairs Committee on the 2022/23 socio-economic development plan would be returned to the House of Representatives.
The Senate is due to debate on Monday a bill to amend the law regulating the aid fund for disabled citizens (Law 200/2020). The bill was drafted and presented by the parliamentary majority party of Mostaqbal Watan (“The Future of the Nation”).
Article 1 of the law states that its name will be changed to “The Capable Citizens Support Fund Act with a Difference”. The fund will be affiliated with the presidency and located in Cairo, although branches may be opened in all governorates.
Article 4 specifies that the fund will be administered by a board of directors responsible for establishing its internal regulations and its technical, administrative and financial regulations. The board will have all the powers to achieve the objectives of the fund in an economical and sustainable manner.
Article seven states that money from the fund will be used to build hospitals and health units for disabled citizens. “It will also serve to rehabilitate disabled citizens to integrate them into society in terms of organizing vocational training programs,” the article said, adding that “the fund will also help disabled citizens to establish small and medium-sized enterprises. productive projects with good economic returns.”
The fund will also help citizens with disabilities to participate in sports, cultural and social activities and provide support to those who show talent. “The fund will also finance programs, forums and conferences aimed at raising awareness in society about the rights and requirements of citizens with disabilities and creating employment opportunities for them,” reads article seven.
The Senate is also expected to discuss a number of proposals submitted by members on a variety of issues. At the top of the list, a proposal submitted by Senator Amr El-Said Fahmy on the problem that prevents the Ministry of Education from officially appointing 36,000 teachers.
“These teachers were hired by the Ministry of Education between April 1 and May 31, 2019,” Fahmy said, adding that “the Ministry of Education repeatedly promised that these teachers would be officially appointed, but he never lived up to it.” his promise.”