26 December 2012

Egypt: Salaries, Pensions Paid On Time - Finance Minister

Finance Minister Mumtaz al-Saeed confirmed on Wednesday the treasury's full commitment to paying wages, salaries, and pensions of all administative state apparatus employees.

Deposits of citizens in banks are safe, the minister stated, adding that they are guaranteed by the central bank and the banking system.

The ministry is keen on transferring dues to bodies and institutions to pay their workers within legal deadlines, the Middle East News Agency (MENA) reported al-Saeed as saying.

A number of ministries and public authorities have already begun to pay their employees' dues for December which confirms the invalidity of reports and rumours that the government has no liquidity or that the state is incapable meeting the needs of its citizens whether financially or with subsidized goods.

The ministry also denied reports that the treasury may be unable to meet financial commitments during the coming phase in light of the continuing economic hardships Egypt is going through.

The government is taking all measures to confront these hardships and help Egypt's economy to recover and overcome the current crisis.

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