EGYPT
December 30, 2012
3 minutes read

President: Those Who Claim Egyptian Economy is on Brink of Bankruptcy are Politically Bankrupt

Egyptian President Mohamed Morsi denounced false and exaggerated reports about economic bankruptcy in Egypt, saying: "Those who are talking about bankruptcy are politically bankrupt themselves. Egypt will never go bankrupt. Egypt has tremendous economic resources that qualify it to prosper and progress, notwithstanding the current crisis".

In his speech at the Shura Council (upper house of Egyptian parliament) Saturday, President Morsi added: "In the coming months, I aim to provide a million new job opportunities, create residential cities in the Gulf of Suez and Port Said, and increase the income of the Suez Canal 20 times its current value.

"Foreign reserves are now US$15.5 billion, an increase of about one billion dollars during the first quarter of the current fiscal year. In fact, implementing policies and programs to combat price rises and poverty as well as tackling unemployment were the most important directives I made to the government."

President Morsi pointed that 4 million tourists visited Egypt in recent months, and that Suez Canal revenue rose by nearly one billion dollars in the first quarter of the current fiscal year. He further pointed that the reconstruction of the Sinai and the Suez Canal conversion into a global logistics corridor had already begun.

"Some 360,000 acres have been made available for farming. Another 300,000 acres are being readied for reclamation. Egypt does not have to worry about livelihood, but its great people are keen on work and production. The people are enlightened and alert. They know fully well who is with them and who is against them.

"Having ratified the new Constitution, everyone must move and focus on developmental work based on science, technology transfer and modern industries. We are a nation of free will and awareness, absolutely ready for and capable of work and production; and we certainly reject all forms of violence by persons, groups or governments."