24 Hrs
Source:
بوابة الفجر
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Cabinet concludes on asset exchange; Suez Canal excluded
The Egyptian Cabinet confirmed that the proposal circulated by some regarding transferring ownership of certain national assets, including the Suez Canal, to the Central Bank in exchange for settling part of the domestic debt, is a personal view and does not reflect government policy. The government indicated that previous studies have shown that exchanging public assets for public debt is unsuitable, and that transferring assets does not contribute to reducing the country's overall obligations, as dealing with national debt requires an integrated approach considering its structure and cost. The council emphasized that the Suez Canal is a strategic facility linked to national security and the national economy, and it is not subject to barter or collateral. It also reaffirmed that the government is following an integrated plan to reduce public debt, which relies on improving financial indicators, increasing resources, enhancing spending efficiency, and maximizing returns from assets, all while adhering to official policies issued through official government channels.
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