Al-Ahram Weekly | Economy

		Al-Ahram Weekly On-line 7 -13 December 2000 Issue No.511
Published in Cairo by AL-AHRAM established in 1875		Current issue \| Previous issue \| Site map

Highlights
* A GROWTH RATE of seven per cent will not be achieved unless the savings rate reaches 25 to 27 per cent of GDP, said Minister of Economy Youssef Boutros Ghali this week. Currently, the savings rate in Egypt is approximately 18 to 19 per cent.
* NON-OIL FOREIGN INVESTMENT in Egypt is currently $1.5 billion, said Minister of Economy Youssef Boutros Ghali. He said that Egypt hopes to boost this figure to $4 billion in the next five years.
* THE UNIFIED LABOUR DRAFT LAW will be among the first draft laws to be presented to the new People's Assembly, said El-Sayed Rashed, head of the General Federation of Trade Unions. He said that the draft law requires the establishment of a higher council for wages, as well as judicial representation on dispute settlement committees.
* ENERGY PRICES are not scheduled to increase in the near future, announced Minister of Electricity and Power Ali El-Se'idi. He said that the state subsidises energy consumption by approximately LE1.650 million annually. This subsidy benefits 99.1 per cent of energy consumers in Egypt.
* THE FINE for late payment of the October telephone bill has been reduced to LE25 from LE100. Tomorrow, 8 December, is the last day to pay the bill and the fine.
* STATE DEBT to contractors and suppliers which amounted to LE8.2 billion as of 30 June, 2000, will be paid, said Prime Minister Atef Ebeid. He added that the government is committed to providing financing for all investment projects in the state plan. It is estimated that these require some LE12 billion in funds.
* THE CABINET PRIVATISATION COMMITTEE, headed by Prime Minister Atef Ebeid, will study the possibility of restructuring some faltering companies such as the two public-sector iron and steel companies and the Egyptian Company for Chemicals. The committee will also evaluate the status of the 11 companies which are currently up for sale.
* THE TEXTILES AND WEAVING industries are scheduled to undergo comprehensive reform and development managed by an association to be established specifically for this purpose, the cabinet's economic group decided.
The five-year project, which will be implemented under the auspices of the Ministry of Industry, is expected to cover over 1,000 public and private companies of the 4,250 companies operating in this sector. The state will contribute approximately LE2 billion to the financing of the project.

© Copyright Al-Ahram Weekly. All rights reserved

weeklyweb@ahram.org.eg