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The government of Engineer Sherif Ismail submitted its resignation to President Abdel Fattah El Sisi, after taking the oath of office, last Saturday for a second term, in preparation for the formation of a new government in the coming period, and this step comes in light of the way for the president to exercise his constitutional right to form a new government With the start of the second term.
During the nearly 33 months that Sherif Ismail's government took over, it has undertaken a number of important issues, perhaps the most prominent of which is the continuation of the economic reform plan, the control of structural imbalances in the structure of the Egyptian economy, the improvement of the financial performance of the public budget, and the restructuring of the system. Financial and banking through exchange rate liberalization. In addition, practical measures are taken to avoid the severe negative effects that may result, as well as to re-plan and adjust the conditions of support and social welfare allocations, given the limited financial resources of the State and the trend of rational spending policies.
Today's news portal highlights the Ministry of Business, which was established two years ago and Khaled Badawi took over the file about four months ago, working on some reform measures to promote holding companies and subsidiaries and exploit unexploited assets.
Corporate debt adjustments
The Minister of Business began to resolve many disputes, he worked to settle the debt of Omar Effendi company for the international finance institution of $ 35 million, and the dispute between the steam boiler company of the Holding Company for Chemical Industries and some banks was approved by the holding company To end the dispute amicably, the settlement amounts to $89 million and the dollar will be calculated at the old exchange rate of 7.7 pounds, which will be indebted between 500 million and 600 million pounds in exchange for settlements with taxes, the New Urban Communities Authority and Faisal Bank.
The Minister of His Business sector is exerting pressure to solve the crisis of the companies «Victory Housing» and «Emaar» to reach a solution, pointing out that already the board of directors of al-Nasr Housing and Construction Company and the General Assembly, approved the amicable settlement and waive international arbitration in exchange for 100 million pounds.
Badawi explained, that there will be a payment of satisfaction and not compensation, and that the dispute over 200 thousand meters increased the area purchased by \"Emaar\" from al-Nasr company in Al-Muqattam in 2005, which amounted to 4 million meters, and revealed it after the survey of the land in 2016, and therefore agreed on the price of the increased space in the price of sale in 2005 i.e. 90 c Neha for the meter and valued at 19 million pounds, and al-Nasr company insisted on getting the price of the land price at the current price which is illegal work edited to the comprehensive restructuring of the companies of the Ministry to develop its assets and achieve good results, both administratively, financially and technically And technology in order to achieve efficiency in management and improve and exploit the untapped assets to pay off debts and to raise the percentage of the contribution of these companies to the Egyptian economy, in line with their size, and to seize the current opportunity in the growth of the economy, especially in the presence of good opportunities in many industrial sectors that operate in it Those companies.
Reconfiguration of boards of directors
With regard to ministerial decisions on the restructuring of corporate boards of directors, he reduced the average age of members from the 1960s and 1970s to the 1940s, reduced the number of members to a minimum of 7 members, in accordance with the law, as well as the addition of various expertise from the private sector to the Departments. He has changed the president of mineral holding and president of pharmaceutical holding and president of chemical holding and president
