Egypt’s Economy Safe: Minister

Egypt is safe of the current global credit crisis and the status quo does not mean the failure of capitalism and revival of socialism, said a top Egyptian official.

The situation in Egypt different from anywhere else in the world as Egypt is reaping the fruits of economic and financial reform, reported Minister of Investment Mahmoud Moheiddin.

Addressing yesterday the ruling National Democratic Party (NDP)’s conference at Qalyubia, Mohieddin said the government has taken measures to avoid any negative fallout on the Egyptian economy such as imposing a new exportation system to be viewed shortly by the People’s Assembly (the Parliament).

Egypt’s banking sector is safe and operating under an old system under the Central Bank (of Egypt)’s supervision, he added.

In Saudi Arabia, Minister of Trade and Industry Rashid Mohamed Rashid gave remarks with the same sense. He said the global financial crisis proved that investment in the Arab region- Egypt or Gulf countries- is safer and farther from the political and commercial risks.

Rashid who visited the oil-rich country as part of his Arab tour to promote for exports and attract investments to Egypt said President Mubarak is adopting an initiative to energize action at the economic level during the next period.

The president would send letters to leaders of Qatar, the Sultanate of Oman and Bahrain to coordinate co-operation in economy affairs and put mechanisms to embolden Arab companies and businessmen to increase joint investments, Rashid remarked.

Reforms that Egypt has enforced 4 years back have protected the country from credit crunch crisis and deposits risks, Rashid told a press conference yesterday morning in Riyadh.

(20 Oct. 2008)

Source: El Masry Elyoum