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Mohamed Maait, Minister of Finance, launched an attack on critics of the draft general budget for the new fiscal year 2021/2022, during the plenary session of the House of Representatives on Sunday, and the minister became angry for the first time, after Representative Ahmed Farghal described economic reform as “failed” and said that it is carried out from the pockets of citizens. .
Maait said that the government was not the one who announced the success of the economic program that it had implemented, but the international classification and finance institutions, which confirmed that what Egypt had achieved under the current circumstances counted for it.
Maait added, excitedly, “Why the state does not suffer from a shortage of medicines or milk for children, is this economic reform or economic failure? And when there is positive growth and everything is stable and others have negative growth, is this economic failure or reform?” We are doing projects in every street, Vicky, Egypt, is this an economic failure?”
He continued, “There are countries that have greater financial capabilities than Egypt, and where electricity is cut off for hours, but Egypt provided electricity and gas stove after they were standing in queues to obtain it, and the financial and monetary stability that Egypt is experiencing is a blessing from God.”
The minister explained: “French Finance Minister Fall for President Abdel Fattah El-Sisi, during his meeting with him today, I salute you for the achievement you have achieved in the economic reform program, as many countries have not been able to achieve it.”
He added, “When President Sisi took office, the budget deficit was 13% of the GDP, and the current budget deficit was 6.7%, and we were borrowing to cover the deficit.”
He continued, “Egypt succeeded in economic reform thanks to its people who accepted the challenge, and when the Corona crisis came, the people saw their country providing all commodities, and prices are relatively stable,” noting that thanks to the reform, the citizen finds medicine and a loaf of living and does not stand in pipelines queues.
The Minister of Finance stressed that the government reduces the deficit every year and achieves a surplus, and has also provided unprecedented support for the private sector, as it reduced natural gas prices and bore 6 billion pounds, and reduced electricity and bore 5 billion, and we supported exports by 30 billion pounds.
In response to the Representative of the House of Representatives, Muhammad Abu Al-Enein, Maait said: “We strongly believe that the private sector is the locomotive of development because it is the one that provides job opportunities.”