CAIRO: Egypt says that the country's tourism industry was showing signs of recovering from the past 6 months of tension that followed the January uprising that toppled the government. According to the country's Finance Minister Hazem al-Beblawi, in an interview with Reuters news agency, Egypt has foreign reserves of some $26 billion and this would give Egypt the ability to “tolerate” any pitfalls from lower tourism. He continued to say that tourism revenue for the current fiscal year are expected to be around $10 billion, compared to $11.6 billion for the previous year. However, this comes as reports the military and police have begun to stoke fears in the general population over the existence of foreigners in the country. On Monday evening, following the violent removal of protesters in Cairo's Tahrir Square, reports began to circulate that military police were asking citizens to “turn in” foreigners. This could not be confirmed by Bikyamasr.com. But on Tuesday morning, Bikyamasr.com Editor and Founder Joseph Mayton was questioned at a local cafe over his identity. While it didn't lead to any altercation, the incident highlights the growing xenophobia among the police and security. “We must remain cautious as to where we go, but in the end, nothing happened this time. What is important to think about it how the police are again exerting their power on the street against everyone, Egyptians and foreigners,” Mayton said. According to Reuters, Egypt's reserves were $26.57 billion at the end of June, down $659 million on a month earlier but showing a much slower slide than earlier this year after an uprising that toppled Hosni Mubarak scared off tourists and investment, two pillars of the economy. Reserves were about $36 billion before the uprising. Beblawi said the level of reserves was “reasonably good” and covered about six months of imports. “I think that the actual level of the reserves is adequate and we hope to maintain this level, but I think the economy can stand even some reduction if there is necessity,” he said. On tourism, the minister said the industry was showing signs of recovery, citing a discussion with the tourism minister. “He told me in a very systematic way the level of occupancy in Sharm el-Sheikh and other places on the Red Sea was systemically and constantly recovering. If this trend continues by the end of the year we will reach the normal level,” he said. “He (the tourism minister) also mentioned to me that after all that we expect that tourism will contribute for this year $10 billion in revenues,” Beblawi said. BM
