CASPER
New member
Egypt has asked Britain for its support in seeking debt forgiveness from Europe, the Finance Ministry said Tuesday, in the latest push to boost an economy bruised by weeks of protests that toppled President Hosni Mubarak.
Finance Minister Samir Radwan also said in a statement that the current government's immediate priorities center on helping Egyptians directly affected by the 18 days of protests, as well as enacting quick measures that could boost the economy.
The protests that led to Mubarak's ouster after nearly 30 years in power ravaged Egypt's economy, forcing banks to close, businesses to shut down and banks and the stock market to halt operations. The bourse on Tuesday further postponed the resumption of trading until next week, not specifying a date.
They have also sparked massive labor protests and strikes that turned violent Tuesday, with the deputy head of one public sector company being beaten to death by irate workers.
Radwan, in a meeting Monday with British Trade and Investment Minister Lord Stephen Green, said he would like London's help in either securing debt forgiveness from Europe, or at least forgiveness of the interest on the loans.
Egypt owes the EU member states about $9 billion, according to EU officials in Egypt. The country's total foreign debt stood at about $34.7 billion as of the end of September 2011, according to central bank figures. Government debt accounted for roughly $29.8 billion, or slightly more than 11 percent of GDP.
EU officials in Cairo said the Egyptian government had yet to submit a formal request for debt forgiveness to EU member states.
Finance Minister Samir Radwan also said in a statement that the current government's immediate priorities center on helping Egyptians directly affected by the 18 days of protests, as well as enacting quick measures that could boost the economy.
The protests that led to Mubarak's ouster after nearly 30 years in power ravaged Egypt's economy, forcing banks to close, businesses to shut down and banks and the stock market to halt operations. The bourse on Tuesday further postponed the resumption of trading until next week, not specifying a date.
They have also sparked massive labor protests and strikes that turned violent Tuesday, with the deputy head of one public sector company being beaten to death by irate workers.
Radwan, in a meeting Monday with British Trade and Investment Minister Lord Stephen Green, said he would like London's help in either securing debt forgiveness from Europe, or at least forgiveness of the interest on the loans.
Egypt owes the EU member states about $9 billion, according to EU officials in Egypt. The country's total foreign debt stood at about $34.7 billion as of the end of September 2011, according to central bank figures. Government debt accounted for roughly $29.8 billion, or slightly more than 11 percent of GDP.
EU officials in Cairo said the Egyptian government had yet to submit a formal request for debt forgiveness to EU member states.
