Hala El-Saeed
It is also interrelated with other sectors, such as the transport, storage, trade and transformative industries, the statement added.
In May 2020, inflation rate hit 5 percent while unemployment was estimated at 7.5 percent and trade balance deficit declined to 36 percent, she said.
This came in a report prepared by the Planning Ministry on the state’s approach to develop the health sector in the country amid the impact of the novel coronavirus crisis.
Saeed emphasized that women have a sustainable development agenda: Egypt's vision 2030 which has a large share of interest in order to enable it at all levels.
The report titled "Seven years of construction" detailed developmental ventures being established across the country for the period covering July 2014- June 2021.
She added that government investments are planned to increase 33 percent from LE 211 billion in 2019/2020 to LE 280.7 billion during the next fiscal year.
She added that it is expected to achieve a growth rate of 3.5 percent during the next fiscal year if the outbreak of the coronavirus ends at the end of the current fiscal year on June 30.
The minister was addressing the House of Representatives' Plan and Budget Committee that convened to discuss the outlines of the fiscal year 2020/2021 plan.
The meeting also tackled the cooperation mechanism between Egypt and the IsDb, together with Egypt’s readiness to lay out a common strategy, with the aim of easing the economic burdens caused by the novel coronavirus outbreak.
This came during the minister’s meeting with Minister of International Cooperation Rania Al-Mashat and President of the Islamic Development Bank Bandar Hajjar, via video conference.
These investments will help in the implementation of several strategic projects, including, electrical feeding to East Al-Uwaynat, and projects for extracting minerals from black sand, and the power linkage project with Sudan.
According to the minister, the total investments in fiscal year 2018/2019 hit LE 970 billion.
Saied was delivering a speech on Tuesday before the plenary session of the House of the Representatives about the socio-economic plan for 2020-2021
Saeed added that the state is exerting efforts to localize the strategy goals across the nation, with a view to maximizing the benefit from the comparative advantages of all Egyptian governorates.
The minister expected that the growth rate can reach 2 percent in the fourth quarter in case the situation improved, while the annual growth rate may be more than 4 percent.
Meanwhile, Ahmed Kamali, the minister's adviser, said the growth rate was targeted to be 6 percent before the crisis, but now it is expected to drop to 4.2 percent.
In statements on Tuesday, the minister said that the world economy enters an unprecedented crisis caused by the COVID-19 pandemic.
“Investments funded by the treasury are scheduled to increase to LE 230 billion, up from LE 140 billion, with an increase of 64 percent,” Hala el-Saeed stated.
The plan also includes the development of 79 hospitals and 294 primary care units in nine governorates.
ET reviews the most prominent projects implemented in the antiquities sector as stated in the government's report “Harvesting the construction phase for the fiscal year 2018/2019”.
