This marked the first time that Egypt's post-Mubarak regime has warned
of economic collapse. The United States has been negotiating with the
military regime for $1 billion in emergency aid, comprised of the
elimination of debt.
In a symposium on Oct. 5, Borai said the ouster of Mubarak has sparked
what he termed unrealistic demands by labor and political groups, Middle East Newsline reported. The
minister said Egypt was sinking in a morass of debt and unemployment that
has reached four million.
"The losses are growing daily," Bora told executives. "Either we band
together and change the current situation or let Egypt be destroyed."
The tourism industry, which garnered $12 billion per year, has been hurt
by a slowdown by air traffic
controllers after their promised bonus was rescinded. On Oct. 6, thousands
of passengers were stranded by the delay of more than 200 flights at Cairo
The military regime, under increasing criticism from the United States,
has sought to ban labor strikes. Borai said he supported such a measure to
save and eventually restructure the economy.
"The best way for improving the current situation is to create more work
opportunities," Borai said.