The Egyptian economy has entered the recovery phase, said Dr. Yemen el-Hamaki, head of the Economics Department at Ain Shams University, agreeing with statements by Prime Minister Essam Sharaf. Sharaf also reiterated the government's commitment to eradicating corruption. Hamaki said Egypt's economy is beginning to recover and that many are exaggerating the economic problems Egypt is facing, saying that the high value of external debt will lead Egypt to bankruptcy. Hamaki said that Egypt's revenue has begun to increase, in addition to the high growth in the first quarter of the current fiscal year. Hamaki stressed upon the need to develop an urgent plan to stimulate the economy in the coming period, especially in the short-term, as Egypt has untapped economic power represented by Egyptians working abroad who will eventually contribute to the revitalization and stabilization of the economy.
