Our armed force capable of defending security

Egyptian President Hosni Mubarak had dinner Sunday night with the distinguished graduates of Egyptian universities and cadets of the military and police academies, as part of a customary and annual gathering he hosts for these brackets of young generations.

He congratulated them on graduating with high honor and wished them a prosperous future and spoke economic conditions and other vital sectors in Egypt since he assumed the presidency 20 years ago.

The President said his aim is to realize prosperity for the people, develop the economy and modernize the industry to increase exports, attract foreign investments and set up mega projects such as Toshka.

Speaking on Egypt's debts, the President said "We managed to reduce the foreign debts from 55 billion to LE 27 billion due to our balanced relations with everybody," adding development of infrastructure, the pillars of economic boom, will continue.

He also expounded the climate of democracy, the political life and the process of decision-making in Egypt.

Touching on Middle East peace, he said it had reached a dead end. He said the Egyptian army was being prepared, not for launching an assault, but to defend the land and deter anyone who would think of attacking Egypt.

Egypt will fight only to realize its interests and national goals, he added.

'What happened in the 1967 war will never be repeated, but if the other side wants war, the loss will be grave to all,' he said.

On the Arab joint defense pact, he said it is an agreement for economic cooperation and cooperation in joint defense.

The graduates described the meeting with the president as a father-to-son talk, and an informal get-together.