CAIRO: Minister of Finance Hani Kadry Demian discussed Egypt’s high unemployment rate, as well as other economic challenges, at a two-day conference co-hosted by the IMF, the Jordanian Government and the Arab Fund for Economic and Social Development that concluded Monday, according to a ministry press release.
In a meeting on youth employment during the conference entitled “Building the Future: Jobs, Growth, and Fairness in the Arab World,” Kadry said he discussed challenges such as the poor participation of women in the labor market, decline in wages, as well as general instability.
Abdel Latif Al Hamad, the general manager of Arab Fund for Economic and Social Development, governors of Arab Central Banks and the Arab concerned Ministers also attended the conference, according to the Ministry of Finance .
“The Egyptian government’s initiatives for economic and social reforms will achieve national peace and justice and will create more job opportunities for youth in the upcoming period” Kadry said, the initiatives include imposing three-year temporary tax on the wealthy, restructuring the governmental bodies and amending the subsidy system.
The cabinet decided in early May to impose a 5 percent temporary tax on those who earn more than 1 million EGP ($140,000) annually as an attempt to control major budget deficit , provide more job opportunities and to improve services.
The Ministry of Finance has also announced its plans to amend the energy subsidy system to reduce spending.