Latest news with #EconomicAffairsCommittee
Russia Today
24-05-2025
- Business
- Russia Today
Barriers to EU will reduce Kiev to begging
The EU's latest decision to reinstate import duties on Ukrainian exports will leave Kiev begging for money, according to Dmitry Natalukha, a member of the nation's parliament. His claim comes shortly after the European Commission (EC) announced that the bloc won't extend the current duty-free trade regime that is set to expire in early June. On Friday, the EU executive branch said that the bloc's member states have backed the reimposition of import quotas on Ukrainian agricultural goods that were suspended in the wake of the escalation of the country's conflict with Russia in February 2022. 'This could create an idiotic situation where we will be forced to come and beg you [the EU] for money, instead of simply earning money through trade – which, in my opinion, is a very wicked and twisted situation, because rather than trading and profiting both from the trade in a normal way, Ukraine is being pushed to become a beggar,' Natalukha, who heads Economic Affairs Parliamentary Committee, said on Friday in an interview with Euractive. Brussels adopted special regulations, known as Autonomous Trade Measures (ATMs), aimed at enabling grain and other agricultural goods from Ukraine to reach global markets. However, the massive inflow of cheap produce into Eastern Europe sparked widespread protests among the country's neighbors, where farmers said they could not compete. In response to the outrage, the EU has reintroduced some of the restrictions over the past year, targeting such commodities as oats, sugar and eggs. Natalukha also stated that the suspension of the ATMs could cost the country more than €3 billion – equivalent to around 70% of Ukraine's projected total economic growth for the current year, sending its economy into a near-recession. The EC has, however, cast doubt on Kiev's figures. Earlier this month, a senior official at the Directorate General for Trade and Economic Security, Leon Delvaux, stated that the €3 billion estimate was inflated, arguing the real value of the ATMs is half of the amount. Last week, Politico reported, citing proposed legislation, that Brussels was considering replacing the ATMs with revised limits under Ukraine's existing trade framework with the bloc, known as the Deep and Comprehensive Free Trade Area (DCFTA), rather than extending the measures on a yearly basis.
Zawya
19-05-2025
- Business
- Zawya
Egypt targets $14bln for human development in FY 2025/26 plan, Al-Mashat says
Egypt plans to allocate EGP 700bn for total investments in human development in its FY 2025/26 plan, Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat said during a presentation to the Senate. Presenting the draft plan for economic and social development for the upcoming fiscal year, Al-Mashat stated that the government 'began correcting the economic course in March 2024 with integrated policies and measures.' She added that 'the fruits of reform are evident in the improvement of economic growth indicators in the first half of the fiscal year, supported by non-petroleum manufacturing industries.' The minister noted that the plan document 'follows a balanced approach that strengthens Egypt's economic resilience amid crises, disturbances, and geopolitical tensions,' and affirmed that 'the government is determined to continue the necessary measures to improve the investment climate and stimulate the private sector.' Al-Mashat delivered the statement before the Senate's plenary session, chaired by Counselor Abdel-Wahab Abdel-Razeq. She expressed appreciation to Abdel-Razeq and Senate members for their efforts in establishing democratic pillars and constructive discussion. She also thanked Hani Sari El-Din, Chair of the Financial and Economic Affairs Committee, and other committee heads for their input on the draft plan. Exceptional Timing and Reform Efforts Al-Mashat reaffirmed that the economic and social development plan for the upcoming fiscal year comes at an 'exceptional time' for the Egyptian economy, amidst regional and global transformations. She stated that Egypt has managed to break free from a 'vicious cycle' affecting the economy in recent years. Since March 2024, the government has initiated corrective measures based on consistent fiscal and monetary policies, strict governance of investment spending, and policies stimulating foreign investments, Al-Mashat said. These efforts are supported by the implementation of the national structural reform programme, aiming to solidify macroeconomic stability. The minister pointed to a 'noticeable improvement' in the Egyptian economy's performance, reflected in economic indicators showing growth of 3.5% in the first quarter and 4.3% in the second quarter of FY 2024/25, with an expected growth rate of about 4% for the year. This growth was primarily driven by non-oil manufacturing, a recovering tourism sector, and growth in communications and IT, despite external tensions affecting Suez Canal activity, she added. Plan Framework and Pillars Al-Mashat noted that the new draft plan is the first prepared by the ministry since the merger of the ministries of planning and economic development with international cooperation. It aligns with the ministry's new framework, 'Sustainability and Financing for Economic Development,' which links national and sectoral development plans and aims to maximise local and foreign financing sources and improve resource utilisation. The plan maintains public investment limits in line with fiscal discipline goals, aiming to create space for macroeconomic stability and allow the private sector to lead development. It is prepared within a medium-term budget framework (FY 2025/26-FY 2028/29) and incorporates advanced planning tools to improve public investment efficiency and performance monitoring. The plan is based on the continued implementation of the national structural reform programme, focusing on macroeconomic stability, competitiveness, business environment improvement for private sector participation, and a green economy transition. It also draws on the report 'Advancing Economic Development in Egypt: Reforms for Growth, Jobs & Resilience' to shift towards an economic model based on sustainable growth in tradable and exportable sectors. Key pillars of the FY 2025/26 plan include rationalising public spending, stimulating local manufacturing and innovation-based industries, and prioritising human development. The EGP 700bn allocated for total investments (private and public) in human development sectors (education, health, and other social services) in the FY 2025/2026 plan compares to EGP 447bn in the FY 2024/25 plan, an increase of over 56%. Public investments in these sectors are set at about EGP 327bn, representing over 28% of total public investments for the year. Improving Investment Climate Al-Mashat reiterated that the plan includes measures to improve the investment climate and stimulate the private sector through facilities and incentives. She noted ongoing negotiations with development partners to provide financing for the private sector, reflecting its attractiveness and the success of state-led structural reforms. The plan also focuses on stimulating innovation and entrepreneurship through the Ministerial Group for Entrepreneurship, aiming to enhance the capacity of startups and the entrepreneurship ecosystem.
LBCI
23-03-2025
- Business
- LBCI
Israel plans new airport in south, an hour from Gaza border
Israel's Economic Affairs Committee on Sunday gave its final approval to a plan to build another international airport in the south of the country, not far from the area near the border with Gaza where Hamas carried out its Oct. 7, 2023 attacks. According to a bill pending approval in parliament, the airport would be built in the town of Nevatim, about 65 kilometers (40 miles) - less than an hour's drive from the Gaza border and adjacent to a military airbase in the Negev desert that is home to F-35 fighter jets. The airbase was targeted by Iranian missiles last October. The new airport, some 132 kilometers from Tel Aviv, would take seven years to build and handle up to 15 million passengers annually, according to the bill before parliament. The project is intended to help alleviate traffic at Tel Aviv's Ben Gurion Airport and bolster the economy in the country's south by creating around 50,000 jobs, particularly from the nearby Bedouin community. Israel's military and security establishment have opposed the project due to its proximity to the airbase. Reuters
Al Arabiya
23-03-2025
- Business
- Al Arabiya
Israel plans new airport in south, an hour from Gaza border
Israel's Economic Affairs Committee on Sunday gave its final approval to a plan to build another international airport in the south of the country, not far from the area near the border with Gaza where Hamas carried out its Oct. 7, 2023 attacks. According to a bill pending approval in parliament, the airport would be built in the town of Nevatim, about 65 kilometers (40 miles) – less than an hour's drive from the Gaza border and adjacent to a military airbase in the Negev desert that is home to F-35 fighter jets. The airbase was targeted by Iranian missiles last October. The new airport, some 132 kilometers from Tel Aviv, would take seven years to build and handle up to 15 million passengers annually, according to the bill before parliament. The project is intended to help alleviate traffic at Tel Aviv's Ben Gurion Airport and bolster the economy in the country's south by creating around 50,000 jobs, particularly from the nearby Bedouin community. Israel's military and security establishment have opposed the project due to its proximity to the airbase. Ben Gurion is Israel's main air gateway and with a capacity of 40 million passengers annually. It is nearing its limit, according to the committee, which cited data showing 80 million are expected to pass through the airport by 2050. In 2019, Israel opened Ramon Airport near the Red Sea resort city of Eilat at Israel's southern tip, on the border with Jordan and Egypt. Prior to the war with Hamas, a number of foreign carriers such as Ryanair operated flights from Europe to Ramon. At present, the airport is being used largely for domestic flights. Most international carriers had stopped flying to Israel due to the war in Gaza, but many of them have now resumed flights.
Reuters
23-03-2025
- Business
- Reuters
Israel plans new airport in south, an hour from Gaza border
JERUSALEM, March 23 (Reuters) - Israel's Economic Affairs Committee on Sunday gave its final approval to a plan to build another international airport in the south of the country, not far from the area near the border with Gaza where Hamas carried out its Oct. 7, 2023 attacks. According to a bill pending approval in parliament, the airport would be built in the town of Nevatim, about 65 kilometers (40 miles) - less than an hour's drive from the Gaza border and adjacent to a military airbase in the Negev desert that is home to F-35 fighter jets. The airbase was targeted by Iranian missiles last October. The new airport, some 132 kilometers from Tel Aviv, would take seven years to build and handle up to 15 million passengers annually, according to the bill before parliament. The project is intended to help alleviate traffic at Tel Aviv's Ben Gurion Airport and bolster the economy in the country's south by creating around 50,000 jobs, particularly from the nearby Bedouin community. Israel's military and security establishment have opposed the project due to its proximity to the airbase. Ben Gurion is Israel's main air gateway and with a capacity of 40 million passengers annually. It is nearing its limit, according to the committee, which cited data showing 80 million are expected to pass through the airport by 2050. In 2019, Israel opened Ramon Airport near the Red Sea resort city of Eilat at Israel's southern tip, on the border with Jordan and Egypt. Prior to the war with Hamas, a number of foreign carriers such as Ryanair operated flights from Europe to Ramon. At present, the airport is being used largely for domestic flights. Most international carriers had stopped flying to Israel due to the war in Gaza, but many of them have now resumed flights.
