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This study drives at analyzing the negative impacts of supporting energy on Egyptian economy during the period from 2004-2014, suggesting a framework for rationalizing this energy. The energy problem is affecting all aspects in Egypt, the economic, social, and environmental aspects, in addition to risks the general budget and the balance of payment may be exposed to because of the increased governmental expenditure on supporting petroleum products and the natural gas which affects in turn other several fields such as education and health. The study sets a proposed framework for rationalizing and reforming support in Egypt. The study analyzes the negative aspects concerning the problem of supporting energy and the increase of the deficit of the state’s general budget, as it has moved from 43.3 milliard pounds in 2006/2007 to 71.2 milliard pounds in 2007/2008 at a 64% increase of the total deficit, turning from 54.7 milliard pounds in 2006/2007 to 61.1 milliard pounds at a 11.7% increase in the general budget and a 6.8% in total deficit of the budget (which is the highest globally). The researchers come to several results; that there is a significant correlation between increasing of importation and the exacerbation of the problem of supporting energy; as the deficit in the balance of payments has increased from 5.7 milliard dollars in 2004/2005 to 12.4 milliard dollars in 2007/2008 at 118% increase rate. The study recommends collecting Zakat money by the government (about 75 milliard pounds/per year) of the total value of Islamic deposits in banks (2.9 billion pounds) that equals 75 milliard pounds per year. The study counts on two integrated methods, the inductive method and the descriptive-analytical method. The (energy support) data is collected from the information available from annual reports of the Egyptian Oil Public Organization; while the (total economy) indicator data is obtained from the Central Authority for Public Mobilization and Statistics, and the (international data) is collected from the International Financial Statistics (IFS). THE NEGATIVE IMPACTS FOR SUPPORTING ENERGY ON EGYPTIAN BALANCE OF PAYMENT IN THE TIME DURATION (FROM 2004-2014) AND SUGGESTING A RATIONALIZATION FRAMEWORK This study drives at analyzing the negative impacts of supporting energy on Egyptian economy during the period from 2004-2014, suggesting a framework for rationalizing this energy. The energy problem is affecting all aspects in Egypt, the economic, social, and environmental aspects, in addition to risks the general budget and the balance of payment may be exposed to because of the increased governmental expenditure on supporting petroleum products and the natural gas which affects in turn other several fields such as education and health. The study sets a proposed framework for rationalizing and reforming support in Egypt. The study analyzes the negative aspects concerning the problem of supporting energy and the increase of the deficit of the state’s general budget, as it has moved from 43.3 milliard pounds in 2006/2007 to 71.2 milliard pounds in 2007/2008 at a 64% increase of the total deficit, turning from 54.7 milliard pounds in 2006/2007 to 61.1 milliard pounds at a 11.7% increase in the general budget and a 6.8% in total deficit of the budget (which is the highest globally). The researchers come to several results; that there is a significant correlation between increasing of importation and the exacerbation of the problem of supporting energy; as the deficit in the balance of payments has increased from 5.7 milliard dollars in 2004/2005 to 12.4 milliard dollars in 2007/2008 at 118% increase rate. The study recommends collecting Zakat money by the government (about 75 milliard pounds/per year) of the total value of Islamic deposits in banks (2.9 billion pounds) that equals 75 milliard pounds per year. The study counts on two integrated methods, the inductive method and the descriptive-analytical method. The (energy support) data is collected from the information available from annual reports of the Egyptian Oil Public Organization; while the (total economy) indicator data is obtained from the Central Authority for Public Mobilization and Statistics, and the (international data) is collected from the International Financial Statistics (IFS). |
