CAIRO — Parliament Speaker Ali Abdel Aal said Feb. 18 he will no longer allow the imprisonment of businessmen who commit economic violations, as this affects investment in the country. He said deterrent fines based on parliament’s new approach, which is to abolish prison sentences for financial wrongdoers, should replace such a sentence.

This came during parliament’s discussion of amendments to customs, restructuring, bankruptcy and social security laws.

Observers believe the Egyptian parliament’s decision to abolish prison sentences for financial wrongdoers comes as a continuation of the economic reforms that have been carried out. They believe that not only is this the right step toward encouraging investment and increasing job opportunities but also a message of reassurance to businessmen and investors both at home and abroad.

Mohamed al-Badrawi, a member of parliament’s economic commission, said such decisions raise Egypt’s competitiveness index, positively affect the national economy, attract more foreign investments and encourage local industry.