Beblawi: Egyptian economy slightly affected, needs cash flow

Egyptian Finance Minister Hazem Beblawi said that the Egyptian economy has been slightly affected during the last period and it has a problem of cash flow.

Beblawi delivered a speech at a meeting of the American Chamber of Commerce held on 23-9-2011 in Washington on the sidelines of his participation in meetings of the World Bank and International Monetary Fund.

He said that the problem of cash flow in Egypt is a short-term one and if we overcome it, progress will exceed expectations.

"We need the support of everyone," he told the biggest business lobby, the US Chamber of Commerce. "Some of our friends, because of the uncertainty, they are taking an attitude of wait and see," he said.

He noted that foreign investments in Egypt in 2008 reached $ 13 billion and $ 8 billion last year, but in the current year, the foreign investments amounted to zero.

About good indicators, the minister said that the hotel occupancy rates increased from 70 to 80 per cent, as evidence of the tourism revival.