H.E. Dr. Rania A. Al-Mashat: “There will be no reduction in allocations for the presidential initiative “Hayah Karima”

In response to queries from members of the Parliament during her participation in the committee meeting to discuss the government program:

 

- H.E. Dr. Rania A. Al-Mashat: “There will be no reduction in allocations for the presidential initiative “Hayah Karima”.

- The executive regulations of the Planning Law are currently being finalized.

- Fiscal governance supports the Central Bank of Egypt in its efforts to restrain inflation. We are collaboratively setting priorities for public investments.

- Relations with development partners have facilitated the implementation of numerous projects in the private sector and boosted investor confidence.
 

H.E. Dr. Rania A. Al-Mashat, Minister of Economic Planning, Development, and International Cooperation, emphasized addressing various inquiries and questions from members of parliament during her participation in the committee formed by the House of Representatives to discuss and study the government's new work program for the period (2024/2025 - 2026/2027), chaired by Counselor Ahmed Saad, First Deputy of the House of Representatives, alongside Mohamed Abou El-Enein, Deputy Speaker of the House of Representatives.

 

H.E. Dr. Rania A. Al-Mashat affirmed that various relevant entities in the state are working to curb inflation rates, noting that fiscal governance assists the Central Bank of Egypt in its efforts to restrain high inflation rates, which in turn affect interest rate hikes.

 

The Minister of Economic Planning, Development, and International Cooperation clarified that the current period witnesses intensive and continuous coordination with various ministries and relevant entities to prioritize investment expenditures for the upcoming phase, to implement the Cabinet's decision in this regard, and to prioritize projects with execution rates exceeding 70%, while adhering to the designated investment ceiling of one trillion pounds.

 

Al-Mashat underscored that allocations for the “Hayah Karima” presidential initiative will not be reduced, given its role in achieving comprehensive development in rural Egypt and its impact on citizens, emphasizing that social spending is a top priority for the state.

 

The Minister of Economic Planning, Development, and International Cooperation also explained that external debt components vary depending on the entities involved, with diverse repayment periods and interest rates, indicating that the ministry will convene with specialized committees in the upcoming period to clarify this matter and present the components of external debt and the ministry's vision for it.

 

Moreover, Al-Mashat also mentioned that work is underway to finalize the executive regulations of the Planning Law issued since 2022, and that the upcoming period will see an enhanced role for the National Institute for Planning and the National Institute for Governance and Sustainable Development (NIGSD) for consultation on building economic and social development plans.

 

Al-Mashat noted significant progress in relations with development partners, especially in increasing concessional financing for the private sector, enhancing its role in supporting development efforts, and implementing numerous private sector projects across various sectors. Additionally, the Minister emphasized that partnerships with these institutions continue to meet the priorities and vision of the new government regarding facilitating opportunities for the private sector, boosting domestic and foreign investments, supporting overall economic stability, and implementing structural reforms.