Economic Indicators Assert that Egypt Starts to Get out of Crisis

Minister of Finance Al Morsy El Sayed Hegazy affirmed on 6/5/2013 the need to accelerate a package of socio-economic reform measures stipulated by the new general budget bill with the aim of boosting the national economy recovery. He noted that the economic performance indicators assert that Egypt starts to get out of its crisis. The minister said that the categorical demands have cost the public treasury LE 13.5 billion in the current fiscal year, and their burden is increasing.

He added that in light of the tough circumstances which Egypt faces, he calls for postponing these demands, asserting the right of many people to improve their wages, but time is not currently opportune. The wage minimum is already applied to all employees in the state's administrative body and economic authorities, the minister said, noting that the government is exerting intensified efforts to activate the wage maximum. The minister further stated that measures were finalized for the tenure of 453 thousand employees in the government, a matter which cost the current general budget at least LE 6 billion.