4 - 10 January 2001
Issue No.515
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Al-Ahram Weekly On-line 4 - 10 January 2001 Issue No.515 |
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Government Business
THE CENTRAL BANK of Egypt (CBE) has signed a loan agreement worth $95 million with the Arab Monetary Fund. The loan will be used to support the banking and fiscal reform being undertaken by the CBE.FOUR DRAFT LAWS on insurance are scheduled to be discussed by the cabinet. The impending laws cover railway and subway accidents, group transport, Egyptian expatriate labour in Arab countries, accidents occurring on toll-highways and insuring establishments against liability.
AN INITIAL DRAFT for a partnership agreement with the US was reviewed this week by the ministerial economic group in preparation for its signature on 20 January. According to Prime Minister Atef Ebeid, the agreement will allow the free entry of Egyptian exports into the US market.
THE NEW STATE BUDGET for the fiscal year 2001/2002 is targeting a 5 per cent growth rate, and reducing the budget deficit from 4.7 per cent to 3.4 per cent. A sum of LE31.6 billion will be allotted for salaries and wages, marking a 10-per-cent increase over last year. The figures were announced after last week's cabinet meeting headed by Prime Minister Atef Ebeid.
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