Prime Minister Kamal al-Ganzouri in his first governmental address since his appointment in December assured the People’s Assembly on Sunday that the country’s economy will recover despite current obstacles.
Arab states have failed to honor the promises of budgetary and economic aid they made to Egypt after the January 2011 uprising that toppled former President Hosni Mubarak, the prime minister said.
Ganzouri said the country can get over its financial impasse in spite of this. He said nearly US$10 billion has been siphoned out of the country after the revolution, and that some banks have been instructed not to direct foreign currency to Egypt.
He accused certain parties abroad, which he did not name, of stonewalling Egyptian exports.
Ganzouri said agricultural, industrial and construction sectors have been ignored since the breakout of the revolution, to the detriment of the economy. He said that 1,500 factories remain inactive and that interests on their debts are soaring.
He said the budget deficit mounted to 10 percent, and there is a gap of LE25 billion the balance of payments. He added that the government debt jumped to LE807 billion, up from LE147 billion 10 years ago.
An injection of LE3 billion has been administered to support the Egyptian economy, he said.
He also said the number of jobless reached 3.5 million.
Ganzouri also revealed what he said were the final numbers of the dead and wounded during the revolution. He said his government had totaled 1,757 killed and 4,758 injured. He added that checks are ready for the wounded and the victims’ families.
Concerning foreign policy, Ganzouri stressed that relationships with other countries should be based on the citizens’ interests rather than those of the country’s rulers.
