PM: Economic reform program necessary, to be accompanied by social protection steps

Prime Minister Sherif Ismail said the government is determined to continue its economic reform program, to be accompanied by an integrated program for the social protection with the aim of boosting growth.

Ismail’s remarks came during his meeting with senior prominent intellectuals, and writers such as Makram Mohamed Ahmed, Salah Muntaser, Farouk Guweida, Sanaa el Bessi, and Abdullah el Sennawi.

The premier expounded to the intellectuals the dire economic conditions, and indicators, saying any delay in applying the economic reforms program became impossible.

According to the premier, a continued budget deficit, along with borrowing, would end up with an increase in inflation rate.

Ismail said that two thirds of the current EGP 930 billion budget were directed to salaries, debt services, and subsidies. There is a need for realistic solutions to help save the economy, he added.

Ismail said the economic reform program laid a responsibility on the government to control prices and services and work on increasing resources and benefiting from unused assets.