12 January 2013

Egypt: Minister of Finance - Egypt Is Moving in the Right Direction

Minister of Finance Dr. El Morsy Hegazy said Egypt is moving in the right direction towards overcoming its economic crisis thanks to its highly efficient human resources which are capable of pushing forward the wheel of production in order to recover economic growth rates.

This came at the meeting held by the Minister of Finance with US ambassador in Cairo Ann Patterson who was keen to meet the minister to congratulate him for occupying his post.

The meeting reviewed the developments of the economic situation, and the progress of talks with the International Monetary Fund and the Egyptian US relations.

The Minister hailed the friendly relations between the Egyptian and US peoples, adding transition period through which Egypt is passing will be culminated with reconciliation, and completion of democratic transformation.

The Minister said a mission of the International Monetary Fund will arrive in Cairo soon to resume consultations on the 4.8 billion dollar loan to Egypt. He said the agreement focuses on economic and social reform programs drawn up by the government with the aim of mitigating the burdens of limited income citizens.

On her part, the US ambassador renewed full U.S support for Egypt, referring to numerous opportunities before businessmen and companies in both countries to develop joint economic relations, to increase investments and to develop trade and businesses in different fields.

The US ambassador said Egypt has promising economic potentials which could enable it of overcoming the current problems. The ambassador renewed her country's support for the Egyptian government to reach an agreement with IMF and to overcome its economic and financial problems.

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