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Ex-minister: Egypt is far from bankrupt

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Former Egyptian planning minister Ashraf El-Arabi said Egypt was “far from a bankruptcy zone” and indicated that it was entitled to the technical and financial support provided by the World Bank.

In a statement to Sada al-Balad TV, he added that Egypt is a member of the International Monetary Fund and has the right to benefit from the technical and financial support provided by the bank.

Al-Arabi said there was a state of dialogue and movement in Egypt on the issue of debt and that “the debt service index for exports of goods and services gives us a warning that we are approaching a danger zone.”

In this context, he pointed out that the United States of America is the largest debtor country in the world and that the continued increase in interest rates by the Federal Reserve “poses a great danger” to the world economy.

He said: “Despite the huge and difficult challenges this year, there may be opportunities to overcome these challenges.”

Source: “Cairo 24”

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