Finance Ministry: Egypt Appreciates Arab Aid

Finance Minister Ahmed Galal said that Egypt extols the financial and moral support of Saudi Arabia, the United Arab Emirates and Kuwait for Egypt.

At a meeting with several reporters of foreign news agencies, Galal said that the current interim government was formed to face the current political, economic and social challenges besetting the country.

The government is working on reviving the economy and increasing the growth rates, the minister said, adding that both financial and monetary policies are closely connected as they help in pushing forward the ailing economy.

As for the possibility of resuming talks with the International Monetary Fund, Galal said that the government is giving priority to other matters during the current stage, topped by bridging the gap in savings to increase the growth rates.

Galal has asserted that the Egyptian relations with the European states are based on mutual respect. In reply to a question on the tense relations with the European Union and using aid as leverage, the minister said that the EU is a good market for Egypt not only in terms of the mutual trade but also in terms of the investments and labor from Egypt to the EU states.

The minister pointed out that there is clear coordination between both financial and monetary policies, adding that both of them are targeted to bail out economy "which could prop up our efforts to revitalize the economy."

Concerning social justice, the minister pointed out that the government is adopting a number of programs to provide job opportunities for the youth, as well as health and education programs.

He asserted the government commitment to abide by the roadmap to build real democratic institutions to side with the people first and foremost, asserting that both political tracks should go side by side with the economic track.