Egypt: Public sector workers getting paid shows resilience of economy, claims minister
[Egypt's] Finance Minister Mumtaz al-Saeed confirmed on Wednesday the treasury's full commitment to paying wages, salaries, and pensions of all administative state apparatus employees.
Deposits of citizens in banks are safe, the minister stated, adding that they are guaranteed by the central bank and the banking system.
The ministry is keen on transferring dues to bodies and institutions to pay their workers within legal deadlines, the Middle East News Agency (MENA) reported al-Saeed as saying.
A number of ministries and public authorities have already begun to pay their employees' dues for December which confirms the invalidity of reports and rumours that the government has no liquidity or that the state is incapable of meeting the needs of its citizens whether financially or with subsidized goods.
The government is taking all measures to confront these hardships and help Egypt's economy to recover and overcome the current crisis.
- Is Islamic finance the sustainable banking model the banking world has been looking for?
- Less is more? In ironic twist, UAE's low income earners found to be saving more
- Egypt has a secret Swiss bank, except everyone knows about it
- Why is Jordan's inflation so high? These reasons may surprise you....
- The Middle East's lack of savings: a ticking time bomb?