Cutting down spending to redress budget deficit

Dr. Hazem al Biblawy, the Deputy Premier and Minister of Finance stressed during a press conference Sunday 7/8/2011 the importance of rationalizing spending of all ministries with a view to redressing the budget deficit.

He said the government is keen to provide the finance needed for redressing the budget deficit in cooperation with the banking system in a way that should not restrict the capability of this system to finance new investments which are carried out by the private sector.

He made reference to the crisis which is now gripping the world economy, adding that the financial crisis in United States would not considerably affect the Egyptian economy as our economy is not largely merged into the world economy.