The total net foreign direct investment (FDI) inflows during the first quarter (Q1) of fiscal year (FY) 2017/2018 amounted to $57.1bn, compared to $87.1bn in the same quarter of FY 2016/2017
In press statements, several members of parliament revealed that the pool of candidates for the post of prime minister after the 2018 upcoming presidential election (scheduled for March) will be determined on the basis of their programmes to address economic issues facing Egypt at present.
Amr El-Gohary, member of parliament’s economic committee, said that there are many candidates nominated for the post after the election, such as Mostafa Madbouly, minister of housing and urban development. Madbouly was appointed as acting prime minister after PM Sherif Ismail left on a three-week leave to Germany to undergo gastrointestinal tract surgery.
“There are other names such as Minister of Investment and International Cooperation Sahar Nasr and Minister of Planning and Administration Hala Al Saeed. In any case, it is customary for the next prime minister to be from within the incumbent government because of its familiarity with the volume of the Egyptian economy’s top priorities. In fact, this has been the norm for more than 50 years.”
El-Gohary said that there are several urgent issues ahead of the next prime minister, on top of which are the rising prices of almost all commodities in the market over the last year, the inflation rate which has reached over 25%, and equally important, raising foreign direct investment (FDI).
The economic committee passed the consumer protection bill last January (2017) and submitted it to parliament’s general committee to set a date for the final vote.
The bill aims to regulate consumer rights and tighten punishments on those who do not abide by the conditions of showcasing, selling, and marketing products, especially when it comes to the citizens’ health, according to the representative of the economic committee of parliament, Medhat Sharif.
“The next government will be counting more on ordinary people to achieve a lot of results, both in terms of market control or investment influx and creating more jobs for youth, as well as fighting corruption,” he added.
He added, “our efforts are not only limited to fighting corruption, but also devising strategies to stem its tide, which is expected to yield several extra billions in revenue for the Egyptian economy per annum.”
A member of parliament’sa planning and budget committee, speaking on condition of anonymity, said that Hala Al-Saeed is the most prominent figure in the current government, as she understands well the economic issues facing the country, in addition to the current Egyptian government’s direction to assign more leadership positions to women.
“Either Hala Al-Saeed or Sahar Nasr will be the prime minister of the upcoming government, which is a great boon to Egypt’s position at the international level,” the MP speculated.
He pointed out that there is every indication that Hala Al Saeed will take the post, owing to her incredibly strong personality. This coincides with Egypt’s vision that its next prime minister will be economically well-aware.
The Egyptian Parliament passed a number of economic laws, notably the Value Added Tax Law, the new Investment Law, a law for industrial licenses and companies, and recently, the Capital Market Law.
The government has raised its forecast for growth rates in the current fiscal year to 5.5%.
The net foreign direct investment inflows during the first quarter of FY 2017/2018 came to $57.1bn compared to $87.1bn in the corresponding quarter of FY 2016/2017, according to the Central Bank of Egypt.
Medhat Sherif said that the decline in foreign direct investment during Q1 FY 2017/2018 was due to the delay in issuing the executive regulations of the Investment Law which the law stipulated should be issued within three months of its passage.
Sherif concluded that foreign direct investment will be one of the most important determinant factors based on which the next prime minister will be chosen.