Land restoration redeems Egypt LE 54 billion in two months

CAIRO – 1 July 2017: A nationwide campaign taking place since May to restore lands from squatters, upon the orders of President Abdel Fatah al-Sisi, has resulted in the redemption of lands valuing LE 54 billion ($2.97 billion).

In a statement received by Egypt Today, Secretary of the Planning and Budget Committee in the Parliament, Essam El-Fiki confirmed that the campaign is within the framework of the economic reforms being executed by government, as well as the Structural Adjustment Program (SAP) it is adopting.

El-Fiki continued that the state has to work hard to increase exports and decrease imports, in addition to restructuring its administrative body while evaluating performance against work.

Stressing the need to find radical solutions to losing economic institutions the parliamentarian made note of the lack of direction, poor budgets and employment rates of certain state bodies.

Noting the absence of supervision, follow-up and haphazard leader selection, El-Fiki went on to declare that 23 out of 51 state-owned economic institutions are failing with certain institutions not submitting their budgets to their directors’ boards for five years.