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ECONOMISTS DISMISS EGYPT BANKRUPTCY CLAIMS AS POLITICAL

Muslim World

Dispelling media myths, misinformation and rumours to the contrary, economy experts and consultants have assured Egypt’s future features, robust development and massive investment projects. “Egyptian economy in intensive care”, “Egypt economy is headed towards collapse and complete bankruptcy”, “Egyptian economy is in free-fall” and “Egypt on brink of deep economic crisis” blasted some Egyptian media in the current post-referendum phase of their vicious and desperate campaign, as the country’s credit rating is reduced, with a clear negative impact on investment projects.

The purpose of this treacherous war is to hit the Egyptian economy and stop the wheel of economic development. In fact, the Egyptian economy has witnessed a relatively remarkable improvement, confirmed by a Ministry of Finance report issued in November 2012. That report reveals an increase in state revenues amounting to 40.3% during the previous five months, to reach 108,5 billion Egyptian Pounds (approximately US$18 billion), compared with 77.4 billion pounds during the same period of the previous year. Furthermore, tax revenues collected from the Petroleum Authority and the Suez Canal increased by 17.3% and 15.6%, respectively, recording an increase of about 5 billion pounds.



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