Privatization Plan to Continue, Egyptian Minister Says

Egyptian Minister of International Cooperation Fayza Abu El Naga said Saturday that the government is yet to take any step to put an end to the country's privatization plan.

The Minister added that privatization of national companies is still going on as planned. The Minister was speaking after a meeting she held with Egyptian Prime Minister Kamal El Ganzouri.

The meeting was regarding the latest developments in the Egyptian business sector, particularly in light of news that the sector's debt had increased.

El Ganzouri demanded that an individual study be made for each of the 100 companies belonging to the state's business sector, Abo El Naga said. She added that the settlement will have to be "friendly", as the Prime Minister stressed that Egypt must avoid international arbitration.

She said that the state is currently in no shape to respond to the demands and protests of the workers, which the cabinet generally views as legitimate demands.

One of the prime demands of the January 25 revolution was to enforce a minimum and maximum wage rather than to increase the salaries. The current government is yet to enforce a new wage structure, even though it was promised by Ganzouri when assuming office.