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CAIRO, Sept 14, 2018 (MENA) - Egyptian Cabinet Information Center on Friday denied reports that the railways sector will be privatized.

In a report, the center indicated that it contacted the Ministry of Transport which denied the reports asserting that the service will not be privatized and that it is owned by the State and will remain so.

The private sector's role in this regard is only restricted to contributing to the development and upgrading process of the service, added the ministry.

All reports on this score are groundless, the ministry confirmed.

CAIRO, Sept 14, 2018 (MENA) - Egypt's Cabinet Information Center on Friday denied reports on cancelling discounts on Underground tickets for the people of special needs.

The center indicated in a report that it contacted the Ministry of Transport which denied the reports asserting that the ticket price for the people of special needs is the same standing at half pound for all lines.

CAIRO, September 12 , 2018 - Prime Minister Moustafa Madbouli presided over the cabinet's weekly meeting on Wednsday to discuss a host of political, economic and social files, and review a group of reports related to the quality of services offered to citizens and preparations for the start of the new academic year. The meeting also included discussions about a number of draft laws and key ministerial decisions that aim at realising economic and social stability, encouraging investments and following up the completion of construction works at various projects.

CAIRO, Sept 8, 2018 (MENA) – The Egyptian cabinet has documented achievements and national projects finalized during the first four-year term in office of President Abdel Fattah El Sisi in the different sectors.

In a book, entitled “Egypt: Challenges and Achievements”, Prime Minister Moustafa Madbouli asserted that the large number of national projects implemented during the president's first term in office contributed to putting the country on the right path of development and improving public services offered to citizens nationwide.

Such mega projects, also, helped secure further job openings and attract more domestic and foreign investments, Madbouli said.

This is a clear evidence that the political leadership, despite challenges, is determined to achieve the economic and social development goals, he added.

The state had taken important measures for economic reform during the past four years, along with its endeavor to go ahead with the process of construction, he noted.

In November 2016, Egypt adopted an ambitious economic reform program, accompanied by a package of social protection programs and policies, the premier clarified.

The program began to bear fruit in early 2018, which reflected positively in several economic indicators, including the economic growth rate, which rose by 5.3 % and the inflation rate, which declined by 12.9 %, in addition to the unemployment rate, which dropped by 9.6 %, he said.

It, also, contributed to boosting the revenues of Egypt's oil exports by 30% and non-oil exports by 10 % in the current fiscal year, compared to the previous year, he added.

The volume of foreign direct investment reached $7.2 billion by the end of 2017, he noted, pointing as well to an increase in the net unrequited current transfers by 29%.

The book spotlighted 7,777 projects carried out in diverse areas from July 2014 till June 2018, at a total cost of LE 1.6 trillion.

The prime minister stressed that the state will proceed with executing many service and development projects across the nation, citing 3,392 projects worth LE 1.1 trillion that are being implemented.

The state plans to establish 4,131 projects, at a total cost of LE 0.17 trillion, he said.

He put the volume of investments pumped in 15,300 national projects, whether finished, under construction or in the pipeline, at LE 3.45 trillion.

CAIRO, Sept 5, 2018 – The Cabinet approved in its weekly meeting yesterday under Prime Minister Moustafa Madbouli a funding agreement with the European Bank for Reconstruction and Development to upgrade the Underground Metro Line 1 at a value of 205 million euros. The agreement is aimed at rehabilitating the components of the railway infrastructure in the Metro Line 1 including energy units, signals and central control systems. Metro Line 1 serves up to 1.8 million commuters, said Minister of Transport Hisham Arafat, adding that efforts are being made to improve the service.

 

In another development, Prime Minister Moustafa Madbouli witnessed on Wednesday the inking of a deal between the Ministry of Finance and the Ministry of Petroleum about property tax assessment criteria for petroleum and mineral resources institutions.

 

The deal, which aims to set property tax rates for the institutions, comes in accordance with property tax law no. 196/2008, along with its amendments.

 

After the inking ceremony, Minister of Petroleum Tarek el-Mulla said the target of the agreement is to determine the best method to set property tax for the institutions in question.

 

Meanwhile, Minister of Finance Mohamed Maeet said the petroleum sector comes second after tourism in terms of reaching a deal about setting property taxes and specifying means of collecting them.

PARIS, September 4, 2018 (News Wires) - French President Emmanuel Macron hopes to draw a line under a raft of troubles plaguing his 16-month-old presidency and to re-energise his economic reform drive with a cabinet reshuffle on Tuesday.

Macron was forced into the move by the surprise exit of his former ecology minister, Nicolas Hulot, who said he despaired at what he felt were hollow commitments on environmental policy.

Resigning live on air last week, Hulot's resignation was a setback for the 40-year-old French leader, who returned from the summer break reeling from a bodyguard scandal and preparing to embark on a new wave of economic reforms.

Benjamin Griveaux, government spokesman, said the cabinet would be complete in time for Wednesday morning's weekly cabinet meeting but was tight-lipped on the scope of the rejig.

Hours before the expected announcement, Sports Minister Laura Flessel said she was resigning from the government for personal reasons.

"I will continue to be a faithful team mate of the president and prime minister, whose determination I admire and whose values and patriotism I share," said Flessel, a former Olympic fencing champion and one of Macron's most popular ministers.

For much of Macron's first year in power, the former investment banker appeared untouchable, self-assured and unphased by his falling popularity as he pushed through investor-friendly reforms with a business-like efficiency.

Recently, however, Macron has looked more vulnerable.

Economic growth is slower than forecast, undermining his deficit-busting credentials. Usually decisive, he is wavering on an impending tax collection reform. Meanwhile, voters are growing impatient with his monarchical style and sharp tongue.

"It wasn't supposed to happen to this president. He promised to be audacious in his reforms, efficient in the exercise of power, and the embodiment of dignity. In his first few months the promise was kept, but now everything is going wrong," the right-leaning Le Figaro said in an editorial on Monday.

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