Egypt calls on world to aid economic uplift | business | Hindustan Times
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Egypt calls on world to aid economic uplift

Foreign Minister Ahmed Abul Gheit on Tuesday called on the international community to help speed Egypt’s economic recovery after a revolt that toppled president Hosni Mubarak.

business Updated: Feb 15, 2011 22:01 IST

Foreign Minister Ahmed Abul Gheit on Tuesday called on the international community to help speed Egypt’s economic recovery after a revolt that toppled president Hosni Mubarak.

Gheit has called on “international parties to provide aid to the Egyptian economy, which has been severely affected by the political crisis that has shaken the country,” his ministry said in a statement.

The worker protests that had gripped the country abated on Tuesday as it observed a religious holiday, but they threatened to flare again as Egyptians used their newly-won freedom to press for higher wages and better conditions.

The strikes have prompted the stock exchange to once again postpone reopening until next week, further clouding the economic outlook after the uprising dealt a major blow to tourism and other vital industries.

At the height of the revolt Egypt was haemorrhaging more than $300 million a day, according to a report earlier this month from Credit Agricole, which lowered a growth forecast for 2011 from 5.3% to 3.7%.

Gheit’s remarks came as EU finance ministers were to meet to discuss requests from Cairo to freeze the assets of members of Mubarak’s toppled regime following allegations of corruption during his 30-year reign.

The military council has set a six-month timetable for democratic elections and vowed to hand power over to a civilian government in line with the demands of the protesters who drove Mubarak from power.