We are just hours away from the Parliament’s extraordinary session, where President Abdel Fattah El Sisi will take the constitutional oath for another six-year term beginning April 3, 2024.
A historic session in which President Abdel Fattah El Sisi addresses the nation at the start of a new presidential term. Immediately thereafter, a series of processes anticipated by the public shall be commenced. The nation’s collective mentality is preoccupied with a set of concerns that are not limited to experts, officials, white-collars, reformists, people with political backgrounds, or investment, economics, and development professionals.
Addressing citizens’ concerns
However, these are concerns that are also being addressed among Egypt’s basic classes, those with limited incomes and capacities, living harsh lives, and having an uncertain future.
Questions mostly concern the nation’s future and potential. For example, would the new reality be more positive and stable? Will the time of relieving the responsibilities and burdens that have drained all sectors of Egyptian society begin? What happens once the dollars flow from new loans, foreign collaborations, and projects whose news have dominated the press and media? Will these flows address the country’s and people’s crisis?!
Will prices fall? Do existing investments withstand crises and overcome challenges? Can individuals maintain their employment while increasing their income? Is there a strategy to reduce the state’s reliance on debt and generate foreign exchange flows from local resources?
Will Dr. Mostafa Madbouly’s government continue? Will the Minister of Finance leave? Will the issue of medicine shortages be resolved? If we carefully examine the numerous courses and sectors, we will discover millions of questions concerning the scheme of the upcoming stage.
Availability of knowledge
From my modest perspective, the availability of knowledge about the next stage will be a factor influencing the country’s stability and ability to handle problems and accomplish great outcomes.
I believe it is vital to adopt sophisticated media policies that ensure the provision of information for all sectors of society in a variety of formats, tailored to their specific requirements. This knowledge is critical for making personal or corporate choices that impact investment or asset management.
Furthermore, these media strategies must be appropriate for the current stage, which, in my opinion, will be fraught with problems, events, and critical decisions.
Ten whishes
With the commencement of this stage, I’d want to take this opportunity to share some of my own wishes as an Egyptian citizen observing President Abdel Fattah El Sisi’s new term in office.
The first: I wish for a good living for every citizen by providing health care, education, housing, and work opportunities commensurate with the size of a nation like Egypt, which has unsurpassed competitive economic powers.
The second: A complete national programme to improve people’s moods and change their way of thinking from despair, depression, and loss of hope to the optimism and a sense of belonging to the development system. This could be achieved by involving all segments of society in development plans, qualifying and training them and honing their skills.
The third wish: Developing a production strategy. Regardless of exaggeration or deceptive terminology, I am referring to a comprehensive vision for achieving self-sufficiency for a country with a population of over 115 million people through competitive production based on international quality criteria, innovative mechanisms, and reasonable costs.
A production plan that overcomes all difficulties facing current producers and makes employment opportunities available to anybody who desires to enter the Egyptian labour market in order to convert society into a producing power. This would benefit the country as a whole.
The fourth wish is for the state to recognise other sources of income besides the taxes that have exhausted the people, particularly the formal economy, which is punished for its commitment to carrying various forms of taxes, while more than 60% of the total economy remains completely tax-exempt because it is, in short, “informal economy” that is not accessible or trackable. I hope that in the months to come we can focus on integrating the informal economy into the tax system, and that the Ministry of Finance will stop utilising taxation or debt to address the budget deficit.
Fifth wish: An integrated approach to traffic issues. Despite billions of dollars spent by the government to expand Egypt’s greatest road and transport network in modern history, the Egyptian street is facing unparalleled traffic congestion. Investment in infrastructure has lagged behind simultaneous investment in traffic laws. This diminished the advantages of these massive expenditures, resulting in significant losses of life and property rather than obtaining safety and security and lowering commuting time, effort, and expense, whether for individuals or organisations.
The sixth wish is for a comprehensive technological revolution in all state bodies and institutions, as well as the implementation of advanced automated systems to eliminate bureaucracy, limit corruption to the bare minimum, and allow reformers to take charge of all state channels in dealing with citizens, investors, and all stakeholders.
The seventh wish is to integrate the idea of rapid decision-making to all state concerns, notably investment management, project initiation, and economic conflict settlement. It also has to do with the prompt issuance of executive regulations and holding responsible any official who causes delays in decision-making or obstructs execution.
The eighth wish: Create a clear and proclaimed strategy for lowering prices in a scientific manner, rather than merely a transient seasonal price drop based on political compromise, in order to efficiently minimise the burdens on citizens.
Price hikes are usual during a crisis. But it is unusual for them to continue to climb even after the problems have been resolved. Furthermore, it is not desirable for the drop to occur just due to exercising pressure on merchants. Clear rules on how to deliver items and discover local alternatives must be developed in order to sustainably manage price increases.
It is also vital to reinforce the roles of market regulators through proclaimed regulations, executive processes, and swift and deterrent penalties, instead of relying just on transient warnings and intimidation.
Ninth wish: Preserving Egyptian investors by offering numerous facilities necessary for them to continue operating in the market, as well as developing innovative solutions to the issues they face. This might be accomplished through integrated initiatives targeting the protection of Egyptian investors, who are vulnerable to withdrawing from the market owing to economic pressures.
The tenth wish is to put into practice the concept of the people’s right to know. The lack of knowledge and facts, or the delay in their release, allows for conjecture and rumours, generating severe issues that impede society from being disciplined. The truth is constantly sought in order to organise one’s life, and its absence generates uncertainty and losses that benefit no one.
These wishes, in my opinion, contribute to a better organised and adaptable life. It also produces a general atmosphere that encourages involvement and productivity. Establishing equality and self-respect for all members of society results in a more stable future and a developed nation.
