The million-man demonstrations negatively affected economic performance, said the Egyptian Minister of International Cooperation, Fayza Aboul Naga. She added the July 8 demonstrations led to a delay of foreign investments and canceled tourist reservations. She added the government will turn the east Port Said into an international port. She also underlined Sinai's development is a top priority for the government, especially since it is related to Egypt's national security. She added Egypt has mineral wealth not been yet been seized. The Egyptian minister said Egypt's economic future is promising while there are international and regional powers working to impede Egypt's progress and turning it into a modern civil state with strong economy. She continued the average Egyptian citizen is capable of overcoming such challenges. She expected the rate of foreign investments will rise during the first quarter of the current fiscal year, 2011-2012, after the launch of the election and achieving political stability. She added the government will take serious steps to contain the subsidies since the current subsidies can not be continued. She said the government will expand the experience of LGP cylinders Coupons throughout Egypt. The Egyptian official said the governmental investments is reduced by ten billion EGP during the fiscal year of 2010-2011, in addition to the 13 billion EGP decline in investments of economic authorities. She added the investments dropped by 2.7 percent during the last fiscal year, while grants decreased by 60 percent. She signaled the spending strongly increased by seven percent, the monetary deficit by 35 percent and the total deficit by 9.6 percent.
