Business sector revenues reach LE 80B: minister

CAIRO – 25 July 2017: The Business sector revenues reached LE 80 billion after the latest economic reform measures taken recently, according to Minister of the Public Business Sector Ashraf el-Sharqawi.

He explained in his speech during the second day of the fourth National Youth Conference in Alexandria, Tuesday July 25, that accumulated debts were one of the biggest problems that faced him shortly after taking office in March 2016.

Sharqawi added, that the debt problem; however is not the biggest one, as the ministry is capable of overcoming it. “The real challenge was that most of the people were dealing with these holding companies as if they were governmental bodies. They forgot that it was aiming for making profit.”

Most of the companies affiliated to the ministry used to lose during the past period; however the majority of the companies are now making profit according to Sharqawi. “About 73 companies are considered to be profitable bodies to the government.”

Justice is not equality

Supply Minister Mohamed Ali Meselhy discussed during his speech in the conference the supplying system history evolution in the world after World War II.
He added that the system is generally depending on two basic elements; (efficiency and effectiveness).

“in 2014 a historical turning point took place regarding the social aid, as the families started taking a card with a certain amount of money that escalated by time until reaching LE 50, Instead of giving them fixed supplies including (sugar, rice, oil and tea)."
Meselhy said that the true Justice is not only taking the budget’s money and giving it to all people equally, but it’s through figuring out who needs more, hence giving everybody what they deserve.

“The whole social aid now is budget estimated with LE85 billion.” Meselhy said.
Monday morning, President Abdel Fatah al-Sisi inaugurated the fourth National Youth Conference in Alexandria. Around 1,500 youth attended the conference, along with parliamentarians, heads of unions and universities, journalists, public figures, and representatives of the National Council for Women and the National Council for Human Rights.

Economic expert, Sherif Delawar said during his speech in the conference that most of the economic reforming procedures taken recently should have been taken earlier. “Everything could have been different if our economy system was proactive rather than consumptive.”