Ikhwanweb :: The Muslim Brotherhood Official English Website

Tue109 2018

Last update19:14 PM GMT

Back to Homepage
Font Size : 12 point 14 point 16 point 18 point
:: Issues > Democracy
Public Debt Exceeded the “Safe Limits” in June
Public Debt Exceeded the “Safe Limits” in June
Aboul Gheit Asks for Foreign “Economic Aid”
Hossam Zaki, , official spokesman of the Egyptian Foreign Ministry, announced that the Minister Ahmed Abul Gheit has asked for aid for the Egyptian economy during telephone conversations with foreign officials.
Wednesday, February 16,2011 15:58
IkhwanWeb

 

 

Hossam Zaki, , official spokesman of the Egyptian Foreign Ministry, announced that the Minister Ahmed Abul Gheit has asked  for aid for the Egyptian economy during telephone conversations with foreign officials.
 
The head of the Central Agency for Accounting stated that Egypt’s public debt reached 89.5% of the gross domestic production in June 2010.
 
JP Morgan Investments bank has increased the ranking of Egypt’s sovereign debt, while the management of the Egyptian Stock Exchange was closed throughout the whole week.

Zaki said that Aboul Gheit made phone calls with the US Secretary of State Hillary Clinton, British Foreign Secretary William Hague and Saudi Foreign Minister Prince Saud al-Faisal, and asked them to “provide aid to the Egyptian economy, which is greatly influenced by the political crisis that took place in the country”.
 
Zaki added that the calls with Abu Gheit were centered about the latest developments and talks about what the international community can do to support Egypt in the next phase.

According to the official Saudi Press Agency (SPA), Al-Faisal contacted the Egyptian Foreign Minister and discussed with him “the latest developments in Egypt and what Saudi is capable of doing to the support Egypt in the next phase.”

For his part, Gawdet Almalt, head of the Central Auditing Agency, stated that the public debt of Egypt amounted to about $183.7 billion in June 2010 which is equivalent to 89.5 % of gross domestic product.
 
The Middle East News Agency reported that Almalt said that the figure includes domestic debt of 888 billion pounds, equivalent to 73.6 % of the general domestic product. He gave no figures for comparison, but said that public debt has exceeded the “safe limits”.

JP Morgan Investments bank pointed out that there is a possibility of political stability during the transitional period before the elections.

Khaled Serry Siam, head of the Egyptian Stock Exchange, said that the stock exchange will remain closed throughout this week, explaining that the decision was taken after consultation with the FSA and the Staff Association of Monetary Market.
 
Siam added that the demonstrations witnessed by a number of banks have raised fears of a potential non-stability of work in banks and thus decided to maintain the suspension of operations.

A large number of Egyptian banks, including the National Bank, which is governmental, the Commercial International Bank (CIB), which is the largest bank owned by the private sector in Egypt in addition to other banks, have seen mass protests by employees who were protesting against the large disparity in salaries between the new staff, which was appointed in recent years, and the senior staff, which demanded the conversion of their temporary contracts to permanent ones. The Central Bank has decided to close the banks yesterday, after these events.

tags: Mubarak / Mubarak Regime / NDP / Corruption / Poverty / Egyptian Government / Hossam Zaki / Egyptian Economy / Hillary Clinton / Abul Gheit / William Hague / Egyptian Banks /
Posted in Democracy  
Add Comment Send to Friend Print
Related Articles
Petition Launched to Freeze Assets of Mubarak and His Henchmen
Swiss Banks to Disclose Ousted Mubarak's Assets
Ikhwanweb Publishes Details of Mubarak's Final Hours
Ousted Mubarak’s son runs up provocative bill partying in London over weekend
Egypt Calls on France to Freeze the Assets of Ex-Officials
Egypt’s military calls on US and EU to freeze assets of ousted Mubarak’s aides
Mubarak Used Time of Protests to Relocate Usurped Wealth
International Report: Corruption Costs Egypt $6 bn Annually
SCC: Political Corruption Impact of Central Government Corruption
NDP Tycoons Support Campaign Advocating Gamal Mubarak for Presidency
NDP Has Challenges Cut Out for It
Mubarak Vows to Combat Corruption and Targets 8% Growth Rate
Egypt: 42% of Population Living under Poverty Line
Parliamentary Elections and the Mubarak Regime
Egyptian Government Dismisses US Concerns on Elections and Opposes Report on Religious Freedom
Hotline Receives 15,000 Corruption Complaints in Only Six Weeks
In Egypt, the Twilight of the Mubarak Regime
Egyptian government is questioned on the disappearance of LE 1272 billion
Egypt rise in violence due to subsidies, media, poverty
Mubarak’s Achievements: 20% of Egyptians Under Poverty Line
50% of Egyptians Suffer of Anemia Due to Poverty