Ruling NDP’s Policy sink Egypt into the abyss

A discussion on the state’s general budget was held at MB MP Hassanein Al-Shoura’s office. The MP warned that the country was heading towards bankruptcy as a result of the NDP’s failed policies.

 

 In his speech to listeners, he explained that the MB Parliamentary Bloc presented packaged proposals intended to resolve deficiencies in the state’s budget. Furthermore, they prepared plans to increase the public resources without additional burdens falling upon the state treasury.

 

 Eng. Ashraf Badr El-Din, of the Muslim Brotherhood Parliamentary bloc and the People’s Assembly’s Plan and Budget Committee,  ascertained that the state revenues were approximately L.E. 280 billion compared with those on domestic debt, which  rose from 61 L.E. billion in 1981 to L.E 761 in 2009. He revealed, Egypt ‘s public external debt also rose significantly. Moreover the net interest payments on the public debt annually surpass L.E. 173 billion.

 

A large number of participants and Badr al-Din warned that Egypt would be on the verge of bankruptcy if the present situation continued. In addition to this, the government refuses to accept the proposals made by the Brotherhood’s deputies to increase the State resources.

 

 Dr. Mohamed Saad El-Katatni, the head of the Muslim Brotherhood Parliamentary bloc and 58 other deputies submitted a memo to the PA Speaker, Dr. Fathi Sorour. The propositions included some motions the MB lawmakers believed must take priorities in an effort to find ways for alternative sources of funding to reimburse a large part of the public debts and provide necessary corresponding funds for vital sectors such as health, education, transportation, and housing.