'Egypt will not back down on a free market economy,' says finance minister

Egypt's business elite community voiced their concerns and queries on the future of the country's economy in a meeting arranged by the Supreme Council of the Armed Forces and attended by the governor of the Central Bank. Also at the meeting were several economic group ministers along with 40 of Egypt's major business and industry leaders.

Hazem El-Beblawi, the finance minister, reassured investors that the government will not revoke its previous contractual commitments as long as it adheres to the law.

He added that the government is currently reviewing some of its commitments to ensure that they are in-line with all related regulation and legislation.

“Egypt will not back down on a free market economy, but the state has to be strong and able to enforce the law, and protect competition” said El-Beblawy,

“The world must know the 25 January Revolution happened in Egypt to re-establish reverence for the rule of law.”

Responding to a question on the issue of minimum wages, the finance minister added that the government wants to impose a minimum income rate, not merely a minimum basic salary.

Business leaders, however, questioned El-Beblawi’s logic.

“Why a minimum wage now?” asked Gala El-Zorba, head of the Federation of Egyptian Industries, indicating that priorities should be set according to the limitations of the state budget.

In addition to contesting the government’s direction to impose a minimum wage, businessmen attending the meeting took the opportunity to communicate some of their policy requests to the attending officials.