{"id":587701,"date":"2023-05-31T00:00:00","date_gmt":"2023-05-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/31\/senate-committee-approves-fy-23-24-socioeconomic-development-plan\/"},"modified":"2023-05-31T00:00:00","modified_gmt":"2023-05-31T00:00:00","slug":"senate-committee-approves-fy-23-24-socioeconomic-development-plan","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/31\/senate-committee-approves-fy-23-24-socioeconomic-development-plan\/","title":{"rendered":"Senate committee approves FY 23-24 socioeconomic development plan"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><\/span><span style=\"font-weight:700\"> A busy day at the House, Senate: <\/span><span style=\"\">The House and Senate economic committees held <\/span><span style=\"font-weight:400;\">meetings yesterday, approving the government\u2019s FY 2023-2024 socioeconomic development plan and the Financial Regulatory Authority\u2019s budget for the coming year. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">FROM THE SENATE-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Senate committee approves development plan: <\/span><span style=\"\">The Senate\u2019s Financial and Economic Affairs <\/span><span style=\"font-weight:400;\">Committee approved the FY 2023-2024 socioeconomic development plan presented by Planning Minister Hala El Said. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The plan has three main objectives: <\/span><span style=\"\">\u201cIn the new socioeconomic development plan, we have <\/span><span style=\"font-weight:400;\">three objectives: completing investment projects whose implementation rate has exceeded 70%; setting up projects that are part of the Decent Life initiative in rural Egypt, particularly in the health and education sectors; and exiting projects that will be funded by the private sector in line with the State Ownership Policy,\u201d El Said told the committee. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Bringing in FX:<\/span><span style=\"\"> Responding to questions about how the government plans to increase FX <\/span><span style=\"font-weight:400;\">flows next year, El Said said that it is aiming to bring in USD 31 bn of remittances, raise non-oil exports to USD 32 bn, and attract USD 11 bn in fresh foreign direct investment.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Comms sector to lead growth: <\/span><span style=\"\">The sector is expected to see a 17% growth in the coming <\/span><span style=\"font-weight:400;\">year, followed by the hospitality sector and the Suez Canal at 12%, and construction at 6%, according to El Said. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What\u2019s next? <\/span><span style=\"font-weight:400;\">Senators will discuss and vote on the plan in an upcoming session. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">FROM THE HOUSE-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">FRA budget gets the greenlight: <\/span><span style=\"\">The House Economic Committee yesterday approved the <\/span><span style=\"font-weight:400;\">Financial Regulatory Authority\u2019s (FRA) 2023-2024 budget of EGP 1.3 bn, as well as the EGP 50 mn budget for the Financial Services Institute.  <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The Emigration Ministry wants more: <\/span><span style=\"\">Emigration Minister Soha Gendy asked the Foreign <\/span><span>Affairs Committee for an increased budget<\/span><span> of EGP 56 mn fr<\/span><span style=\"font-weight:400;\">om the current allocation of EGP 27 mn. The current allocation \u201cwill never help the ministry serve 14 mn Egyptian expats or implement its programs and projects,\u201d she said.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>House Economic Committee approved the FRA\u2019s EGP 1.3 bn budget for next year<\/p>\n","protected":false},"author":1,"featured_media":587702,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7413],"tags":[279,72,274,187,392],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587701","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budget-watch","tag-budget-watch","tag-enterpriseam","tag-house-of-representatives","tag-legislation-watch","tag-senate","wpautop","entry"],"acf":{"mongo_id":"5599cccd-54d2-4e0f-b43e-1f9807367a4c","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/1703.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s Senate committee approves FY 23-24 socioeconomic development plan","related_issue":[587692],"teaser":"House Economic Committee approved the FRA\u2019s EGP 1.3 bn budget for next year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.75615a25-0e95-4b40-acb1-bc047716206c.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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