Egypt’s new finance minister faces daunting task

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July 16, 2013 by apicomely

Ahmed Galal, managing director of the Cairo-based Economic Research Forum since 2007 and for 18 years a researcher at the World Bank, said he had accepted the post of finance minister in the army-backed government of Prime Minister Hazem el-Beblawi. The budget deficit has widened dangerously over the last few months, pushing Egypt close to bankruptcy as it runs out of sources of finance. Economists say $12 billion in aid offered to Cairo by Gulf states last week will last only a few months unless new revenue is found or spending is slashed. Economists expect the budget deficit to have swollen to about 15 percent of gross domestic product in the financial year that ended on June 30. Galal, Egypt’s sixth finance minister in less than three years, will struggle to convince his angry compatriots to accept economic austerity after 30 months of political chaos that has pushed many of them into poverty.

Czech Finance Minister Turns to Donors to Quell Campaign Attacks

Treasuries, according to data compiled by Bloomberg. Drabs Cash Fischer asked entrepreneur Ladislav Drab to disclose the origin of the cash deposit he had placed in the presidential campaign account, according to the statement. Another supporter, Stefan Havlik, must specify whether his contribution was a gift or a loan, Fischer said, adding hell return the money if the two dont provide the clarifications by 4 p.m. on July 17. Fischer has addressed his issues from the past and theres nothing further to add to it, Rusnok was cited as saying by Lidove Noviny July 13.


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