Monday, May 11, 2009

Now There is a Financial Crisis !!??

Yesterday Minister of Finance Youssef Boutros Ghali revealed in the parliament that the social raise of labor day in May would be only 5% and it would not go higher than that despite it was higher in past years. The minister who is widely hated in Egypt said that the government had to decrease the raise because of the financial crisis !!??
He continued to reveal that the financial crisis was giving us hard time and that the general internal debt in Egypt now is the highest in our history and we can't afford to put pressure on our budget by increasing the raise !!
SO Now The Government admits that we are suffering from the financial crisis impact just like the rest of the world !!
Since the beginning of the crisis Ghali and other ministers in the e-cabinet have been so optimistic that Egypt would not be harmed at all in fact we will benefit from it , of course this is what they claimed that nobody believed it
This raise is waited annually by everyone in Egypt !!
I should hint that there is an expectation that Mubarak would come and save the day by increasing the raise , you know the miracle of the presidential intervention !!
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  1. Wow, it's terrible to see a country so "devastated" by this global crisis. Plus the swine flu doesn't help much nowadays either. I read somewhere that Egypt is planning on killing 250,000 pigs. I'm sure that won't help the economy. Anyways, thanks for the info.

    Take care, Lorne

  2. Well it is not only us Lorne, there are other countries that suffer in even worse why.
    Yes Egypt is killing its 250,000 pigs but they are not that huge to affect our economy like Suez Canal or tourism which are badly affected in the crisis


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