27 February 2013

Egypt Loses L.e. 100 Million Daily Because of Unrest - Minister of Finance

Egypt's Minister of Finance, Mursi Hijazi, said on Wednesday that Egypt is losing about 100 million pounds per day because of insecurity and political unrest.

"The losses are caused by various disruptions, such as the sit-ins, protests, cutting off roads and breaking in state institutions," The minister said as reported by the state-owned news agency.

In a press conference, the minister said that Egypt lost one billion pounds of tax revenues because of the unrest, he did not specify the time when the losses occured though.

The government has said earlier in February that the economy can only grow at a three percent rate during the fiscal year of 2012-2013 because of the political unrest.

The administration of President Mohamed Mursi faces difficulties in providing safety, stability, job opportunities and an attraction for tourists and foreign investments amid the political turmoil.

The Egyptian economy is struggling to recover from the impact of the relapse that followed the popular uprising that toppled the former President Hosni Mubarak two years ago.

Hijazi stressed that the government seeks achieving security and stability.

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