Egyptian Governors Council meets to review economic developments

The Egyptian Governors Council met yesterday, headed by Egyptian Prime Minister Kamal El-Ganzouri, to discuss regional and local issues.

The council reviewed the Middle East peace process and Egyptian efforts to advance the process, as well as African relations in light of the upcoming Organization of African Unity summit in Libya.

They also discussed work on the Egyptian infrastructure, which Ganzouri said has cost LE 275 billion and resulted in improvements in transportation, communications, electricity, water, sewage and housing as well as in education, health and other areas.

He added that Egypt targets a 7% growth rate and has attained in inflation rate of less than four percent.

On manipulation of the exchange rate, Ganzouri said there are a few individuals who attempt to call the stability of the exchange rate into question for their own interests.

"The government will not allow these elements to make manipulations for self-interests. The government will not allow harm to befall national economy which serves investment and serves all forces of society," Ganzouri said. He added, "All exchange offices should work in accordance with the announced exchange rate. Any violation or manipulation will be dealt with according to the law."

The council also discussed arrangements for the September 26 referendum on the presidency.