Momtaz al-Saeed: Egypt Needs EGP160 bln To Achieve Interior Balance

Egypt’s Minister of Finance, Momtaz al-Saeed, the budget deficit  and the government’s inappropriate income and spending with the required  affirm that the investment is the only method to get out of the crisis. He added that restoring c9nfidence with investors is what the current government is attempting to activate, with the local investor, who the state seeks ending Bureaucracy that hinders him.

During his keynote speech in Euromoney Conference 2012, he referred that Egypt needs EGP 276 billion to achieve interior balance, but it barely has EGP 56 billion governmental investments, and EGP 60 billion represents the investment of the public sector. Therefore, Egypt needs EGP 160 billion that will be through attracting exterior investments and supporting the domestic investment.

After the Egyptian revolution erupted in 2011, EGP 16 billion got out as exterior investments.

The minister elucidated that Egypt needs to depend on the international community through the consultations with the International Monetary Fund (IMF), to provide the fund that cover the liquidity that Egypt needs. He underscored the success of these negotiations will enhance the confidence of the international community to Egypt and restoring the foreign investment.

He added that the  government suffers inflation of employees number, which reached 6 million ones; calling for rationing the government spending in the coming period.

In January 2013, the ministry of finance will hold a conference about the ventures that based on Public-Private Partnerships (PPP), to review 15 projects; calling for the investors attending Euromoney Conference 2012 to participate in the conference.