Party Youth CoordinationRepresentative Dr. Ghada Ali, member of the House of Representatives for the coordination of youth parties and politicians, said that there is no doubt that the Egyptian economy has huge unproductive assets between assets belonging to organizations that lose annually and which, with economic management, can realize a return or assets that are not fully utilized.
This happened during his speech at the session of the Committee on Public Investment Priorities and State Ownership Policy in the Economic Axis of the National Dialogue, titled: “Public Investment Priorities – Ownership and management of State assets – Financing of public investment”.
She added that the state has partially succeeded in completing the two phases of inventory and classification of assets, and has not skipped the stages of valuation, adjustment of accounts and economic management since 2020 except for some. assets, as the Egyptian government counted more than 3,700 idle assets and one million leased assets.
Representative Ghada Ali said: “And if we trust the estimates International Monetary FundThis means that there are assets in the economy equivalent to twice the GDP, ranging between 7 and 14 trillion, and with a conservative estimate of 3 to 5 trillion in commercial assets.
She pointed out that there are negative aspects related to the lack of valuation and the dispersion and fragmentation of assets, and the lack of an economic mechanism for the real valuation of assets has affected the state of the economy and its appearance weak compared to previous years.debt size Although there are riches that exceed the size of indebtedness.
Assets are scattered and fragmented across multiple agencies and government agencies
The member of the House of Representatives representing the Coordination of Youth Parties and Politicians indicated that the scattering of assets and their fragmentation among several parties, government agencies, localities and governorates touched on two points by saying: “I could not , as a state, work a unified plan to manage the risks of these assets in an economic way that maximizes their return, which has affected the bargaining power of the state. » access financing opportunities on better terms.
The current situation is not compatible with the foundations of governance
She explained that the current situation is not compatible with the foundations of governance, since companies are managed by ministries responsible for regulating and controlling the work of the sector itself, which greatly contradicts the rules of competition. and prevents the development of labor systems in public enterprises.
negative economic indicators
Representative Ghada Ali said: “Amid many negative economic indicators and despite the high volume of debt, we have seen a positive development in the debt-to-GDP ratio this year, which has improved compared to last year. only through the efforts of the state to increase the domestic product.”
And she continued: The question now is: what would this indicator look like if state assets were managed with professional economic management and gross domestic product was reported in the national accounts at the true economic value of the assets? ?
Economically managed general asset management fund
Representative Ghada Ali proposed the creation of a single institutional umbrella, and that it be a public property management fund with professional economic management based on the model of international experiences, enjoying the necessary independence and presenting its annual report to the House of Representatives, in order to achieve the existence of a mechanism for the fair evaluation of assets before entering into partnerships with the local or foreign private sector and to obtain maximum benefit without the State does not relinquish ownership of its assets, and to build a unified risk management strategy at a macro level at a lower level the cost of management and transactions and greater efficiency instead of disorderly management of assets at the level of each separate unit and departments that lack the necessary economic expertise, and the employment of asset resources in accordance with the objectives and planned social and economic needs The most urgent community and not according to the vision of the government entity that only owns the asset, and more governance and anti-corruption in the management of state assets by separating the management from the ownership of government agencies, as well as improving the credit rating and the sovereign rating of the state and higher bargaining power to access financing on better terms by improving the index of public debt to gross domestic product ratio.
There are over 23 wealth management funds worldwide
Representative Ghada Ali continued: There are more than 23 wealth management funds in the world (Singapore – Korea – Germany – France – Italy – Japan). The value of periodic returns from these public assets is about 30 times, and some countries have used the returns from these assets to reduce public debt.
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