Egypt Independent

The Arabs and West did not meet their promises for aid, says PM



The West and Arab states have not fulfilled their promises of aid to Egypt, lamented Prime Minister Kamal al-Ganzouri in a press statement following a cabinet meeting on Wednesday.

“We approached the West and the Arab states to help us with our problems, but they did not meet their promises,” said. “We’ll therefore have to work on what we have.”

Ganzouri said the government would reduce public spending to decrease the deficit by LE22 billion. “We will also collect [money] for former state-owned land along the Cairo-Alexandria Desert Road that was sold for peanuts,” he said.

“And we’ll collect late taxes worth LE60 billion that individuals and corporations owe the government,” he said, adding that the government would give a ten percent discount to those who expedite their payments.

Meanwhile, the International Monetary Fund announced on Wednesday that it supports Egypt’s economic reform program as it includes guarantees for a possible loan.

Translated from Al-Masry Al-Youm