Talk of the investment act dominates the airwaves on Last Night’s Talk Shows.
The Investment Act was once again the topic of choice on the airwaves last night. On Hona Al Asema, Lamees El Hadidi had a chat with Finance Minister Amr El Garhy about issues ranging from the Investment Act and the IMF delegation visiting Cairo. El Garhy also told Lamees that he is pleased with the Investment Act in its final form, even with regards to private free zones, which will be strictly regulated, he said. The minister also noted that the IMF delegation’s visit is going well.
The 10% social welfare raise the government intends to give bureaucrats not covered bythe Civil Service Act, which is currently waiting to pass the House of Representatives, will be issued in May, El Garhy added. The raises are expected to cost the state around EGP 3.3 bn and will be paid retroactive basis to 1 July last year.
El Garhy also confirmed to Lamees that state coffers can sustain the EGP 1 bn needed toraise ration card allowances to EGP 35 from EGP 21 during Ramadan, a decision that cabinet approved yesterday (watch, runtime 9:04).
Kol Youm’s Amr Adib hosted Supply Minister Ali El Moselhy in studio to talk more aboutthe Ramadan ration card bonus and other preparations for the holy month, when consumption increases by around 50%, the minister said. The government will be partnering with the private sector to offer food items at discounted prices in more than 120 outlets across the country, he added (watch, runtime 7:54). The Mansour-family-owned supermarket chains Metro and Kheir Zaman will be among those joining the ministry’s initiative, company spokesperson Tamer Gouda told Adib (watch, runtime 1:20).
On Yahduth fi Misr, Sherif Amer hosted former Egyptian Businessmen’s Association headHussein Sabbour, who was generally positive about the act, passed earlier this week. He was primarily excited about how it could help slash red tape (because acts of parliament are universally recognized as having the ability to magically re-wire the brains of recalcitrant bureaucrats) and warned that the full impact of the act on investment and the business climate will take at least three years to be felt. Sabbour also called on the Ismail government to pass the nation’s first bankruptcy law and to make amendments to the Capital Markets Act.