The Egyptian Minister of International Cooperation and Planning, Fayza Aboul Naga, said all deposits in the post office saving accounts are completely safe throughout Egypt. She added depositor account holders at post offices should not feel any concern about their deposits, stressing the Egyptian government is keen on serving depositors in general and small depositors in particular. It is eager to provide the highest return on small deposits as well as encouraging citizens to save since it contributes to improving Egypt's economic conditions. Aboul Naga said the Egyptian economy is recovering quickly and the government is working to improve the economic climate and provide guarantees to savers and investors of all nationalities; Egyptians, Arabs and foreigners alike. The Ministry of Planning announced the government resorted to borrowing approximately 87 billion EGP of household savings to finance the budget deficit by borrowing from bank deposits, investment certificates and passbooks, which amounts to 42 percent of total household savings. This is part of the development plan of the Economic and Social Commission for the year of 2011-2012, although this procedure is not exceptional for the provision of resources. She pointed out the banking system worldwide acts as a broker to fill the "savings of household sector" as one of the physical resources available to the community. This is to contribute in providing the necessary funding for investment projects and development programs included in the plan. She added the banking system has controls and mechanisms to preserve the rights of depositors' and ensure the achievement of the highest annual return while contributing to economic and social development.
