Egypt PM says stability key to fixing economy

December 25, 2012 16:59

CAIRO - Egyptian Prime Minister Hisham Kandil said on Tuesday that political stability was crucial to luring back foreign investors and tourists to help plug a yawning budget deficit and heal the country's ailing economy.

In a statement hours before the expected announcement of the result of a divisive constitutional referendum, Kandil said President Mohamed Morsi's government was committed to taking steps to improve economic growth.

"The prime minister stressed the importance of political stability and security in the coming period, so that foreign investors could return to the Egyptian market, as well as tourism inflows that help support foreign currency reserves and plug the budget deficit," Kandil said in a statement.

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