Rashad Abdo said during a phone call with the “Hadrat Al-Mowaten” program on Al-Hadath Al-Youm channel: “The formation is not new and the committee is not new. With every new ministerial formation there is what is called the economic ministerial group and this has been happening for a long time, meaning we are facing a traditional committee and rubber talk and foam,” according to what was reported by the Egyptian “Veto” website.
The economic expert added: “The new economic ministerial group was present in the previous formation, including, for example, Dr. Hala El-Saeed, and this formation did not accomplish anything during the previous period with its weekly meeting with a president who is not specialized in the economic field, represented by Mostafa Madbouly, and no specialized minister dares to tell him you are wrong because he will dismiss him immediately.”
He continued, saying: “The most important question is whether each minister in his ministry is more concerned with his ministry or the group is more concerned with his ministry, of course, and therefore the economic ministerial group is traditional and will not achieve tangible results apart from treating the problems that hinder the economic aspect in Egypt.”
Rashad Abdo added, “How can interest rates be raised so much? Who will go to the stock market? There is none. Hot money has had its interest rates raised to 35% for foreigners, and when the going gets tough, when they encounter a problem, they take their money and run, and things fall apart, just like what happened before.”
He explained that the governor of the Central Bank and the former Minister of Finance said that we will not rely on hot money and then they returned to relying on it once more.
He said in his statements: “We do not learn from our mistakes and previous experiences, unfortunately we do not learn. The economic ministerial group will sit and drink tea and in the end it will not do anything like the previous groups that led Egypt to the problems it is in. If it weren’t for the Ras El-Hikma deal, the dollar would now be worth 100 pounds.”
Decision to form the economic ministerial group
On Sunday, Egyptian Prime Minister Mostafa Madbouly issued a decision to form the economic ministerial group.
The decision stipulated that the economic ministerial group would be formed under the chairmanship of the Prime Minister and the membership of the Governor of the Central Bank of Egypt, the Minister of Planning, Economic Development and International Cooperation, the Minister of Finance who would be the rapporteur of the ministerial group and its official spokesperson, the Minister of Supply and Internal Trade, and the Minister of Investment and Foreign Trade. The ministerial group would meet weekly and whenever necessary, and it would be entitled to invite whomever it deems necessary to attend its meetings, as well as to seek the assistance of whomever it deems to be experienced.
The decision stipulated that the economic ministerial group shall be responsible for setting the general framework for the country’s economic and financial policy and its orientations on its various axes in a way that contributes to stimulating growth and employment rates while achieving financial sustainability and economic stability in different time frames, and researching and studying all economic and financial issues referred to it, expressing an opinion on them, and preparing the necessary recommendations regarding them and related legislation if necessary.
The Economic Ministerial Group’s responsibilities also included reviewing the Egyptian economy’s indicators on a quarterly basis and developing the necessary recommendations and proposals to ensure the improvement of these indicators and their implementation.
The decision also stipulated that the group, in light of the assessment of the situation and following the approval of the Prime Minister, shall take the necessary decisions, including determining priority structural reform measures and proposing the necessary policies to confront the challenges facing the Egyptian economy and its safety, taking into account emergency circumstances.
In addition, the Ministerial Economic Group coordinates with other ministerial groups and committees to ensure the consistency of economic, social and sectoral policies and their orientations, and communicates with various local political, economic and social circles to clarify the vision regarding the Egyptian economy, the orientations of economic policy and motivate public opinion and state institutions to make it a success, in addition to communicating with the international community, including negotiating at the policy level with international and regional financing institutions, promoting the Egyptian economy in various local and international forums, and carrying out any other tasks required to achieve the goals of the state’s economic policy.
Source: Egyptian media
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2024-07-17 04:29:46
