The Egyptian Central Auditing Organization (CAO) on Monday said the country’s internal and external debts reached LE1080 billion, constituting 89.5 percent of Egypt’s total 2010 GDP.
“The internal debt on 30 June 2010 reached LE888 billion or 73.6 percent of GDP,” said CAO chairman Gawdat al-Malt, adding that the figure was in accordance with central bank statistics, and that it has exceeded a so-called safety limit for levels of debt.
Al-Malt also said the CAO had submitted several reports on wasting public funds to former Prime Minister Ahmed Nazif, who had ignored them.
“Ministers and officials did not take people’s demands seriously,” he said. “They were unable to predict problems or cope with crises.”
“Crises had worsened despite many warning signs,” he added. “And some officials had even contributed to those crises.”
“Monopoly, dumping and price rises became rampant in the Egyptian market, which was inundated with fake and counterfeit goods,” he said.
Al-Malt pointed out that there are 16.232 million people, or 21.6 percent of the population, who live under the poverty line, many of whom live in villages of Upper Egypt.
