Egyptian Finance Says Returning Deposit to Qatar Won’t Affect Cash Reserves

Ahmed Galal, the Egyptian Finance Minister, said Returning EGP 2 billion by the Central Bank of Egypt (CBE) to Qatar will not affect on the Cash reserves, pointing out that the reserves are sufficient and still ranging between $ 17 to 18 billion.

Galal has added within the conference organized by the American Chamber of Commerce in Egypt under the name of Egypt After June30 demonstrations with the presence of the Industry and Trade Minister, Mounir Fakhry Abdel Nour, and many Egyptian and foreign businessmen that the conditions which related to Qatar deposit are not suitable for the Egyptian economy.

Fakhry has noted that there are many reasons call to be optimistic for the Egyptian economy, including the political transformation that we are witnessing now.

Fakhry said after eight months there will be Parliament and the elected government which will result in the achievement of security and tourism without any effort from the government.

Galal has emphasized that the targeted growth rate for the gross domestic product (GDP) is3.5% during 2013-2014, compared with 2.2% in the last fiscal year.

Galal has asserted that the IMF loan does not represent an urgent need for the Egyptian economy, noting that the government is only able to set solutions so as to get out of this crisis and not relaying on failed politicians.