Cabinet discusses ports modernization, public sector debts

The Cabinet will discuss this week a number of important economic issues including development of ports, reform of customs, repayment of public sector debts to the banking sector, increase of Apache Company investments in Egypt in addition to upgrade of economic cooperation with 12 Asian countries.

The Cabinet begins today a series of meetings to follow up performance of trade exchange with Libya in light of already signed agreement between the two states.

Meantime, the Central Bank of Egypt (CBE) issued a report on the economic performance in the second half of 2002.

The report said the balance of payment has achieved a surplus of $ 152.7 million compared to a deficit of $ 359.1 million during the same period a year earlier.

This fact would have a positive effect on the foreign exchange market, the report underlined.