Debt a necessary evil

Egyptian Prime Minister Hisham Kandil Cairo – Akram Ali Egyptian Prime Minister Hisham Kandil has said that he does not belong to the Muslim Brotherhood, pointing out that belonging to any party was not even an accusation to deny. He said: “Nobody intervenes in the formation of the government." Kandil stressed that the interest of the internal debt was 12 percent compared to 1 percent of external debt as well as the competition between the government and the private sector which reduces investment opportunities. He pointed out that borrowing was a "necessary evil", and that 67 percent of the local production was deducted to repay internal debt. On the situation in the Sinai peninsula, Kandil mentioned said the government was determined to change the situation there. "If everyone cooperates, Sinai will be a source of development, especially since it has been allocated 1,200,000,000 EGP for its development," he said. “The events in Rafah is not the result of security challenges only, but also as a result of intellectual and cultural distortions which are strange to our society," he said.