Yesterday at the Senate: The Senate’s Economic and Financial Affairs Committee was sent the draft socioeconomic development plan for the upcoming fiscal year 2023-2024.

Development priorities next fiscal year: Finishing development projects that are already at least 70% complete; health and education projects in rural areas under the Decent Life initiative; and existing private-sector funded development projects, Planning Minister Hala El Said told cabinet last week. Some EGP 587 bn of public money will be invested in development projects in FY 2023-2024, up more than half on last year’s figure, Finance Minister Mohamed Maait said.

Socioeconomic development plan? The plan is drawn up by the Planning Ministry in tandem with the Finance Ministry’s annual budget. It needs approval from both the Senate and the House of Representatives, while the budget only needs approval from the House.

What’s next: The committee will discuss and prepare a report on the development plan. El Said will deliver her statement on the plan to the Senate when it reconvenes after Eid al-Fitr, and it will then go up for a final vote.

ALSO- Environment Minister Yasmine Fouad was in the Senate yesterday to talk about incentives the ministry is providing to the private sector to boost waste recycling and encourage a more circular economy. Some 216 waste recycling projects worth EGP 8.5 bn are now in operation in the country, Deputy Local Development Minister Mahmoud Qassem told senators.

Tags: