Tag: internal

EGP 44bn tax revenue increase by end of April

The Ministry of Finance has applied a fiscal programme targeting the rearrangement of public expenditure priorities
(DNE File Photo)

The Ministry of Finance has applied a fiscal programme targeting the rearrangement of public expenditure priorities, according to Minister of Finance Hany Kadry Dimian in a statement, Saturday.

The rearrangement will take place through amending the energy subsidy system, broadening the tax base and raising the efficiency of collection and of public debt management.

The fiscal and structural amendments had positive impact on several economic indicators, most notably the rise of GDP growth rate by about 4.3% in the period between October to December 2014. This compared to 1.4% during the same period in the last fiscal year (FY), according to Dimian.

Moreover, a ministry report revealed that the performance of key sectors funding the general budget revenue is in continuous improvement for the tenth month in a row.

The improvement comes by dint of a tax revenue increase by approximately EGP 44bn, recording EGP 239bn by the end of April 2015. This achieving a growth of 22.6%, compared to the same period previous year, contributing by 2% equals to EGP 6bn in the total general revenues.

The report also showed that the total public budget deficit has increased to reach EGP 230.9bn during the period from July 2014 to April 2015. This represented 9.9% of the GDP compared to 8.2% during the same period the year before. The increase is due to the total general revenues recording EGP 321bn compared to the total public expenditure recording EGP 541.7bn.

From July to April of the current FY, non-tax revenues kept decreasing, recording 31.5%, achieving about EGP 82bn due to a decrease of donations. These were recorded at EGP 7.9bn, compared to EGP 51.4bn in same period of the previous FY, according to the report.

Regarding the subsidy, donations and social benefits bill, the report showed an increase by 13.3%, an amount of EGP 17bn, reaching EGP 145bn due to an increase in subsidy expenditure to reach EGP 102.8bn.

Meanwhile, the total Egyptian internal and external public debt rose to reach EGP 2.1tn by the end of March 2015. This recorded 93.8% of the total GDP, compared to EGP 1.8tn by the end of March 2014, reaching 90.4% of the total GDP.

By the end of March 2015, the external debt has witnessed a decrease of $5.4bn reaching $39.9bn compared to $45.3bn in the same period 2014, marking 13.1% of the total GDP. As for internal debt, it witnessed an increase reaching EGP 1.9tn recording 86.1% of the GDP, compared to EGP 1.6tn, marking 80.3% of the GDP by March 2014.

June 6, 2015
Update: British parliamentarians meet Al-Sisi, the Pope, among other top officials

Defence Minister Abdelfattah Al-Sisi with the delegation of British parliamentarians on Sunday
(Photo Military spokesman handout )

Defence Minister Abdel Fattah Al-Sisi met with a delegation of British parliamentarians on Sunday, in what was one of several meetings the delegation held with top Egyptian officials and figures.

Egypt’s transitional phase and regional developments were discussed in the meeting which was attended by several military leaders including Chief of Staff Sedky Sobhy.

The military spokesman said in a statement that the delegation expressed pleasure at the “success of the Egyptian people” in implementing the first step of the roadmap through the constitutional referendum held on 14 and 15 January.

The delegation also met with Pople Tawadros II on Sunday and the Pope explained the nature of the events in Egypt. State-run Al-Ahram cited the Pope as describing the events of 30 June as a revolution, not a coup.

Former presidential candidate and former chairman of the Constituent Assembly, Amr Moussa, also held talks with the delegation on Sunday, discussing issues related to both the 2014 Constitution and the roadmap.

Moussa’s office said the delegation expressed understanding of the challenges Egypt faces and expressed the importance of protecting rights and freedoms, in accordance to the constitution.

Interim Prime Minister Hazem El-Beblawi told the delegation on Saturday that the Egyptian “people are the guarantor of their freedom”, responding to a British parliamentarians’ fears on freedom of expression in Egypt, in a meeting with the parliamentarians, on Saturday.

The delegation, which arrived on Saturday, also met with interim President Adly Mansour and interim Foreign Minister Nabil Fahmy to discuss regional developments with the latter. El-Beblawi discussed with the parliamentarians the challenges that Egypt faces, including “fighting terrorism and extremism”, a statement posted by the cabinet said.

The prime minister said that the media – particularly the foreign media – tends to focus too much on arrests during protests, while largely ignoring “terrorist incidents,” such as the targeting of soldiers in Sinai and nationwide bombings.

He added “everyone who gets arrested in protests that resort to violence is immediately interrogated by judicial bodies and whoever is proven to have no involvement in the violence is immediately released.” Mansour received the parliamentarians after El-Beblawi’s meeting. He explained the executive steps being taken to crystallise the roadmap, which began with adopting the 2014 Constitution. He added that the next step will be presidential elections, followed by parliamentary elections.

Mansour expressed surprise at reports of a return of military rule, presidential spokesman Ihab Badawi was cited by state-run Al-Ahram as saying. Mansour said he does not know if these reports are a result of ignorance of the facts or deliberate attempts to cover up the facts. He added that the state is being run by a civilian government.

The interim president expressed optimism about the country’s economic future, stating that what Egypt sustained for the past three years is enough to undermine the economy of any country but “we did not lose our basic economic resources.”

El-Beblawi also addressed the government’s economic programme, saying that positive steps include the improvement in Egypt’s credit rating and the strong performance at the stock exchange. Fitch Ratings agency also upgraded Egypt’s economic outlook from negative to stable on 3 January for the first time since 2011.

The delegation met with Fahmy on Saturday morning, discussing regional issues, in a meeting attended by the British Ambassador to Egypt, James Watt.

They discussed Egypt’s border security with Libya and all efforts being made to end the smuggling of weapons across the border, according to Foreign Ministry spokesman Badr Abdelatty.

He added that they discussed the developments in Syria, the dangers of dividing Syria and the importance of the recently held Geneva II conference in reaching a political solution to the crisis.

The two sides also discussed the ongoing negotiations between the Palestinians and Israelis who agreed to come to the negotiation table in July, following US diplomatic efforts.

Fahmy stressed the importance of achieving security and stability in the Middle East.

The delegation includes four Members of the British Upper House of parliament, the House of Lords including Conservative Party representatives Lord Marlesford and Baroness Berridge. It also includes four members from the House of Commons, the Lower House of parliament, including Democratic Unionist Jeffrey M. Donaldson, Labour representative Stephen Timms and Conservative representative Tim Yeo.

An organiser for the delegation did not respond for comment in time for print.

February 2, 2014
British parliamentarians meet Mansour, El-Beblawi and Fahmy

Interim Prime Minister Hazem El-Beblawi met British delegation of parliamentarians on Saturday evening
(Photo Cabinet Handout)

Interim Prime Minister Hazem El-Beblawi said the Egyptian “people are the guarantor of their freedom,” responding to a British parliamentarians’ fears on freedom of expression in Egypt, in a meeting with a delegation of parliamentarians, on Saturday evening.

The delegation, which arrived on Saturday, also with met interim President Adly Mansour and interim Foreign Minister Nabil Fahmy to discuss both internal and regional developments. It includes members of both upper and lower houses of parliament and is scheduled to hold talks with Pope Tawadros II on Sunday.

El-Beblawi discussed challenges that Egypt faces, including “fighting terrorism and extremism”, a statement posted by the cabinet said.

The prime minister said that the media – particularly the foreign media – tends to focus too much on arrests during protests, while largely ignoring “terrorist incidents,” such as the targeting of soldiers in Sinai and nationwide bombings.

He added “everyone who gets arrested in protests that resort to violence is immediately interrogated by judicial bodies and whoever is proven to have no involvement in the violence is immediately released.”

Mansour received the parliamentarians after El-Beblawi’s meeting. He expressed surprise at reports of a return of military rule, presidential spokesman Ihab Badawi was cited by state-run Al-Ahram as saying. Mansour said he does not know if these reports are a result of ignorance of the facts or deliberate attempts to cover up the facts. He added that the state is being run by a civilian government.

The interim president expressed optimism about the country’s economic future, stating that what Egypt sustained for the past three years is enough to undermine the economy of any country but “we did not lose our basic economic resources.”

El-Beblawi also addressed the government’s economic programme, saying that positive steps include the improvement in Egypt’s credit rating and the strong performance at the stock exchange. Fitch Ratings agency also upgraded Egypt’s economic outlook from negative to stable on 3 January for the first time since 2011.

The delegation met with Fahmy on Saturday morning, discussing regional issues, in a meeting attended by British Ambassador to Egypt James Watt.

They discussed Egypt’s border security with Libya and all efforts being made to end the smuggling of weapons across the border, according to Foreign Ministry spokesman Badr Abdelatty.

He added that they discussed the developments in Syria, the dangers of dividing Syria and the importance of the recently held Geneva II conference in reaching a political solution to the crisis.

The two sides also discussed the ongoing negotiations between the Palestinians and Israelis who agreed to come to the negotiation table in July, following US diplomatic efforts.

Fahmy stressed the importance of achieving security and stability in the Middle East.

February 2, 2014
Free Egyptians Party elects chairman

Celebrations of Free Egyptians Party’s members after Ahmed Said was re-elected party chairman with 734 votes, defeating Ehab Al-Tamawy who got 266 votes, while 234 party members competed over the 100 seats of the party’s supreme committee.
(Photo From Free Egyptians Party Facebook Page)

The Free Egyptians Party held their internal elections on Friday to choose a party chairman and 100 members of the supreme committee.

Ahmed Said was re-elected party chairman with 734 votes, defeating Ehab Al-Tamawy who got 266 votes, while 234 party members competed over the 100 seats of the party’s supreme committee.

The Egyptian Organisation for Human Rights, the Hesham Mubarak Law Centre, the Shyfenkom movement and the Danish-Egyptian Dialogue Institute monitored the party’s elections. The party counted votes electronically as well as manually to ensure transparency.

Prominent political figures including Head of the Egyptian Social Democratic Party (ESDP) Mohamed Aboul Ghar, former Presidential Candidate and leader of Al-Tayar Al-Sha’aby (Popular Current) Hamdeen Sabahy, Judge Tahani El-Gebaly and National Salvation Front leader Osama El-Ghazali Harb attended the elections.

“After the elections, the supreme committee will elect the secretary general of the party within a month,” said Shehab Wagih, the official spokesperson. He added that the electoral process was transparent and well-organised.

Saad Al-Katatny, chairman of the Freedom and Justice Party, congratulated Said on his re-election. He added that he hoped the new era will see increased cooperation between the Free Egyptians and other political groups to achieve the goals of the 25 January revolution.

May 11, 2013
Al-Dostour Party holds elections in Alexandria

Gamila Ismail attended Al-Dostour Party elections in Alexandria.
(Photo Al-Dostour Party Alexandria Handout)

Al-Dostour Party held internal elections in Alexandria on Friday to determine the secretaries of the Governorate’s main and sub-committees.

Two lists competed in the elections. The Al-Taghyeer list, headed by Abdel Latif Beshara, defeated the Ana Dostoury list, headed by Mohamed Mansour.

“The electoral process took place between 2 and 8 pm on Friday and the results were out at 4 am on Saturday. No problems were reported, as the process was transparent and fair,” said Haitham Al-Hariri, a founding member of Al-Dostour in Alexandria.

He added that the voter turnout was relatively low but that this had not affected the integrity of the process.

Mohamed ElBaradei, the head of Al-Dostour, spoke to party youth to express his satisfaction with the way the elections were held, reported ONA news agency.

“Al-Dostour doesn’t distribute sugar and oil, but justice and values,” he said, calling on party members to unite in order to resurrect the 2011 revolution.

ElBaradei also thanked Gamila Ismail for her efforts in organizing the elections.

Other prominent members of the Party, including Ahmed Harara and George Ishak, also attended the elections. Amina Nooh, the widow of late Al-Dostour member Mohamed Yousry Salama, was also present.

May 4, 2013