Egypt gov't admits failure in managing economic crisis

Published May 18th, 2001 - 02:00 GMT

The Egyptian government has recently admitted that it had failed in solving the current economic crisis in the country, reported the London-based Al-Sharq Al-Awsat daily. Egypt’s current government also claimed that the former government is responsible for the economic and financial difficulties.  


Addressing the parliament, Minister of Planning Ahmed Al-Darsh said that the outstanding financial obligations and debts are a heavy burden on the government, and must therefore be repaid in the near future.  


Al-Darsh also added that parliament must allow the government to borrow from foreign sources as well as impose new taxes on the public, as the present budget is insufficient in paying down the debt in its entirety. ― (MENA Report)

© 2001 Mena Report (

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