During an interview that was held by Reuters, Egypt's Finance Minister has unveiled that the Egyptian Tourism sector is witnessing new signals of recovery and that the country's foreign reserves of about $26 billion were adequate although it could tolerate a lower level if they fall.
"The Egyptian government forecast revenues from tourism would total $10 billion in the financial year that started on July 1, compared with $11.6 billion in 2009/10", Mr. Hazem told Reuters expressing his optimism. Moreover, he stated that the level of reserves was "reasonably good" and covered about six months of imports.
"I think that the actual level of the reserves is adequate and we hope to maintain this level, but I think the economy can stand even some reduction if there is necessity," he said.
Mr. Hazem also highlighted his optimism regarding tourism stating that" The Minster of tourism told me in a very systematic way the level of occupancy in Sharm el-Sheikh and other places on the Red Sea was systemically and constantly recovering. If this trend continues by the end of the year we will reach the normal level," he added. Mr. Biblawi also stated that Misnister Mounir Fakhry Abdelnour assured that the tourism is expected to contribute for this year $10 billion in revenues.