Deficit in balance of payments fall by 50 percent in 9 months

The Egyptian cabinet yesterday under Prime Minister Atef Ebeid reviewed a report submitted by Foreign Trade Minister Youssef Boutros Ghali.

Compared with the same period last year the deficit in the balance of payments had fallen by 50 per cent since November 2001 the report said, adding that exports witnessed dramatic rise during the same period.

"Exports by the top ten Egyptian ready-made clothing companies increase by 36 per cent, foodstuffs rose by 35 percent, and linen by 38 per cent," the report said.

A report by the Minister of Supply Hassan Khedr said that stocks of strategic commodities are well over safe levels, while bankruptcies dropped, thanks to increased cash liquidity and higher banks credit.