Egypt's President Mohamed Mursi said on Saturday that he will establish a council for economic development which aims at enhancing economy.

Mursi said on his Twitter account that the new council will be an institution that belongs to the presidency; it will support the aspirations of Egyptians for achieving real progress.

The president had stressed in his speech before the parliament that his priority is to develop economy.

"Egypt, God willing, will never go bankrupt," Mursi said pointing that those who speak of bankruptcy are the bankrupt ones.