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المصري اليوم
Ex-Finance Minister Criticizes Market Oversight
The article discussed Egypt's economic situation, with a focus on the Suez Canal region. Dr. Ahmed Ghalal, former Minister of Finance, emphasized that the state has failed to manage and regulate markets effectively. He highlighted the importance of developing the Suez Canal economic zone, which spans an area of 455 square kilometers, and the need to improve it to boost the gross domestic product and maximize revenue from it. He pointed out that the national debt places a burdensome weight on the country and must be discussed with sound reasoning. Additionally, he noted that government intervention in the Egyptian economy exceeds the global average (30% compared to 10%), which hinders competitiveness and threatens economic sustainability. Ghalal stressed that solutions require reassessing the role of the state in managing public assets, especially in sectors such as telecommunications and electricity, and developing a competitive environment alongside improving economic policies. He emphasized the importance of more equitable wealth distribution to achieve social justice, particularly given the concentration of wealth and the deteriorating condition of the middle class. Furthermore, he underscored the significance of leveraging Egypt’s unique geographic location and utilizing its potential to promote economic development. He called for a shift from rentier policies to sustainable production and export strategies.
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