Experts: Forthcoming President… Short of Financial Powers
Economic experts agreed on the presidential candidates’ promises regarding the economic file are illusive and unreal. They elaborated that the electoral platforms lack real solutions for the economic crisis that Egypt is facing now; especially this file depends on the constitution, the political and economic system. The experts discussed their economic visions in “Endama Yatee Al Masa’a” (When Night Comes) show which hosted by Mohamed Salah and Montaser Al Zayat.
Dr Fakhry Al Fekky, ex-expert in IMF, said the candidates could be divided on the base of their political attitudes; the majority is liberal and leftist. He explained that the economic file will depend on the president’s character and his intelligence in administrating the countries.
Fakhry added that the economic program’s schedule is set by the prime minister. It also depends on the constitution and whether the system is presidential, parliamentary or mixed.
If the system is presidential, Fakhry continued, the president will task the prime minister with the economic file; referring that the monetary fund’s experts have set the economic reform program which awaits the political consensus among parliamentarians.
“We need supporting the foreign cash reserve; especially after regaining the relations with Saudi Arabia, also till receiving the loans from African Development bank, IMF, and Emirates in order to reach the total aids and loans 11 billion.
Incomplete Financial Powers
For her side, Dina Abdel Fattah, editor-in-chief, Amwal Al Ghad, said the presidential candidates played with poor people’s dreams.
Abdel Fattah criticized the presidential candidates for not having advisory council to form an economic program or model. She suggested forming this council away from the president and the parliament to draw Egypt’s economic development plans.
She said the economy became a part of the electoral campaign, as some candidates vow to get rid of poverty and unemployment in a limited period. But this is impossible to happen during these periods.
The editor-in-chief referred that the forthcoming president will receive a budget authorized by the parliament, however, no candidate talked about this obstacle. She sees that the elected president will not attract investment to Egypt or raise investors’ trust. But it will happen by unanimous public opinion on our relations with the investor.
She added that the elected president will have incomplete financial powers due to delaying the budget.
Dina Abdel Fattah called for solving the real estate sector crisis, this for investing the returning Egyptians from abroad. Also she called for having an economic advisory council for drawing Egypt’s log-term economic policy. Egypt has giant cadres, Dina said.
Progressive Taxes
Hesham Tawfik, board’s chairman of Arabeya Online Company, said the forthcoming president has to leave the profession’s unions and never think alone. He added that some candidates haven’t decided how to get the resource in order to accomplish their promises.
Implementing the progressive taxes means the outcome will decrease; considering this a courtesy to the Egyptian street, although it is harmful on the economy. The candidates neglected transforming the unemployment to workers, he added.
Tawfik said the candidates neglected the private sectors, and they chose the taxes because the Egyptians “want to hear this”. The members of parliament should deliver the state’s administration to experienced people.
