Justice Party: Supporting the Egyptian economy, stopping speculation on the dollar, and storing gold is a national duty
Ahmed Badra, assistant head of the “Adl” Party, called for For development affairs in Upper Egypt, to support the national economy by investing in industry and agriculture to increase production and export abroad, and to provide hard currency to stimulate the Egyptian economy, support and encourage national industry, and raise the “Made in Egypt” banner. In all governorates of the Republic, controlling the balance of payments and confronting the deficit in the trade balance.
Badra said, in a statement today, Wednesday, that the most serious problem that Egypt is currently facing is the race between wealthy and affluent Egyptians to pump their savings into buying real estate at all costs. It has fruitful factors, but at the present time and in light of the current regional tensions, this leads to a negative impact on the economy, which contributes to freezing the capital necessary to encourage industry and agriculture as a result of locking up long-term funds and entering into an ill-considered purchasing process For real estate as a means of preserving the value of money that would have been better invested in building factories or reclaiming more agricultural land to increase local production, stop importing from abroad, and achieve self-sufficiency in strategic agricultural crops such as wheat, corn, beans, and other foodstuffs that cost the state budget billions of dollars per month.
He revealed that rushing to buy and rent real estate or land for buildings or industrial areas for the purpose of selling and getting rich The fast is just an illusion, because it enters the buyer into a cycle of installments and debts, then default, and then a real estate bubble and unreal inflation in real estate prices, with high unemployment rates, faltering production wheel, accumulation of personal and national debts, high interest rates, and submission to unfair International Monetary Fund loans against developing countries aspiring to progress and prosperity.
In the same context, he pointed out that this type of investment led to Egyptians abroad tending to work similarly in purchasing real estate to guarantee their entitlements without entering into productive investment projects that help provide employment opportunities, raise the income level of individuals, and increase national production. He called for not racing and freezing money in gold or foreign currency to achieve quick gains, as these actions have negative effects on the Egyptian economy in the short and long term.
He stressed the necessity of moving towards real investment in production and supporting a strong and flexible national economy. Capable of absorbing recent shocks Due to the Russian-Ukrainian war, the war on Gaza and Lebanon, and the escalation of threats of a comprehensive regional war between Israel and Iran, which threatens the economy of the region and the world to enter a stage of recession greater than that caused by the global financial crisis years ago, explaining that a strong economy is built on production, not consumption or saving.
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