Egypt’s liguidity crisis shows signs of recovery
The Head of the Tax Authority, Talaat Hammam, has asserted that the economic condition in Egypt is improving from day to day. According to Al-Ahram newspaper, the available liquidity in the market is rising, resulting in further improvement in the country’s balance of payment and the balance of trade.
Hammam related this improvement to the government’s injection of large money amounts through repaying its liabilities to local contractors. The government will complete the repaying of all the contractors’ liabilities by June 30, 2001. In addition, he said that the value of the collected taxes grew by nearly EP4 billion in fiscal year 1999/2000 compared with fiscal year 1998/1999. The tax revenues grew from EP19 billion to EP23 billion during that period. Hammam asserted that this is the best evidence marking the end of the liquidity crisis in Egypt. –(Albawaba-MEBG)