Abou El-Enein Praises Fiscal Oversight Efforts

Parliament Deputy Speaker Mohamed Abou El-Enein lauded the efforts of the Planning and Budget Committee and the Central Auditing Organization. This came in a recent session of the Egyptian House of Representatives, chaired by Hanafi Jebali in the New Administrative Capital, 

The session centered on the fiscal closing reports of the 2022/2023 state budget, including the Treasury and various economic public authorities.

Deputy Speaker Abou El-Enein underscored the government's significant role in reducing expenditures, now 12% below the global average, while expressing concerns that the revenue figures still do not reflect the Egyptian economy's full potential. 

"Last year’s revenues saw a 7% increase and are expected to rise further next year. However, they fall short of illustrating our national economy’s complete vigor," he explained.

Abou El-Enein emphasized the need for a holistic economic reform aligned with fiscal and monetary policies. He highlighted the challenges posed by global events, including exchange rate liberalization and interest rate hikes. 

"May God aid our government amidst these present challenges, particularly as we face even greater ones ahead," he commented.

The Deputy Speaker advocated for global engagement through significant projects like Ras Al-Hikma and called for substantial ventures in agriculture, automotive, future industries, and advanced technology to generate real added value and new revenues for the nation.

In his concluding remarks, Abou El-Enein stressed the importance of adopting a new narrative to enhance investments and integrate Egypt more seamlessly into global supply chains, emphasizing the need to promote domestic, foreign, and Arab investments.

This discourse by Parliament Deputy Speaker Mohamed Abou El-Enein highlights the vital discussions within the Egyptian government on fiscal responsibility and economic strategy amidst an evolving global context.