Egypt's PM: Critical economic situation, no bankruptcy

Sunday 30-12-2012 12:16 PM
Egypt's PM: Critical economic situation, no bankruptcy

Prime Minister Hisham Kandil - Mohamed Abdel Ghany/Reuters


Egypt's Prime Minster, Hisham Kandil, said on Sunday in a press conference that the government will announce a national initiative for economic reform.

Kandil said that the economic situation is critical, yet bankruptcy is unlikely. He stressed that the economic reform plan aims at achieving the goals of the uprising.

The Prime Minister will announce features of the cabinet reshuffle in the press conference. 

The reshuffles will involve the ministries of transportation, communications, electricity, legal affairs, finance, local development, agriculture, and supply.

Kandil is currently reviewing the resumes of a number of candidates nominated for ministerial posts, cabinet spokesman Alaa al-Hadidi said.

Minister of Legal Affairs Mohamed Mahsoub tendered his resignation on Thursday, saying that many of the current governmental policies contradict his personal convictions.

Minister of Communications Hani Mahmoud also resigned last Tuesday citing an inability to "adapt to work requirements in light of the current circumstances."

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