CAIRO - Egypt's Minster of Finance Samir Radwan said Saturday that there is a Government plan for increasing salaries and wages next month, the official Middle East News Agency (MENA) reported. "There would be a strategy for salaries in May and the Ministry would prepare the timeframe to apply this strategy and specify its cost on the state budget during the next fiscal year (FY)," Radwan was quoted by MENA correspondent in Washington D.C as saying. He also said that his Ministry is conducting studies about upgrading the whole subsidies system to ensure that it is enjoyed by those who deserve it. Radwan, who is participating and other Government ministers in the annual meeting of the World Bank and the International Monetary Fund in Washington, asserted that the Ministry wouldn't abolish the subsidy system, which has been in effect since the 1960s under the socialist regime of late president Gamal Abdul Naser. He added that The Obama Administration couldn't approve Egypt's request for a debt forgiveness because of the state of the US economy. "Giving Egypt a debt forgiveness is an internal administrative affair of the US. The Congress refuses to do so," Radwan said.He said that Washington fully appreciates the Egyptian experience and the efforts that are being exerted to introduce a democratic system after the fall of the Mubarak regime whose elements face a fair trial. Some US officials and analysts have suggested that any reduction in Egypt's debt is likely to wait until after the first post-revolution elections later this year. Meanwhile, Government officials attending the Washington meeting have launched a vigorous campaign targeted the international business community and the private capital owners to launch joint ventures in post revolution Egypt, which they said has a great potential and offers a myriad of incentives to investors. “Go ahead, wait and see, but I tell you, you are missing the opportunity!” Radwan told the meeting.
