No amendment to Egypt's 2011/2012 budget, says new finance minister

Ahram Online, Monday 18 Jul 2011

Hazem Beblawi tells state TV that any changes in economic policy will be directed to the following year's fiscal budget

Egypt's new finance minister (Photo:

The budget for the 2011/12 financial year will not be amended after the cabinet reshuffle, Hazem Beblawi, Egypt's new finance minister and Deputy Prime Minister for economic affairs, has told state TV. 

Any changes would be directed to the following fiscal year's budget instead, explained Beblawi, adding that his ministry’s stance toward borrowing from the IMF and World Bank will not change. 
Borrowing from either institution could be bad, if loans are extended at tough conditions, but could be beneficial if structured adequately, Beblawi said.
On the issue of Egypt's new minimum wage, Biblawi said the ministry would build on the work that has begun and expressed his support for a maximum wage for public sector employees.
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