Egypt''s PM paints bleak picture of economy

CAIRO, Jan 31 (KUNA) -- Prime Minister Kamal Ganzouri described Tuesday the current economic situation as bad, but stressed that Egypt is able to overcome the crisis and emerge strong.
In a statement before the People's Assembly, Ganzouri revealed that the government debts have jumped from 147 billion Egyptian pounds (U.S. dollar is equal to 6 pounds) to 857 billion pounds by 2011.
The interim PM said that the government debts account for nearly quarter the state budget.
He pointed out that the government has taken a number of measures to cut the state budget deficit by 20 billion Egyptian pounds.
The government seeks to increase state treasure resources without adding new burdens on citizens, he said.
"Achieving social justice, the main goal of the revolution, will be reached only through increasing production," Ganzouri said, adding that non-stop protests obstruct the complete return of normalcy.
Ganzouri, however, underlined that Egypt is able to overcome the crisis and emerge strong.
The PM also unveiled that the government has paid the declared financial compensations to families of the revolution martyrs and injured. (end) zab.ibi KUNA 311907 Jan 12NNNN