In a bid to counter pessimistic statements, Radwan declared that Egyptian economy has not collapsed because “it does not depend on a single commodity.” Eizabeth Randall, tourism expert at STR Global, said the tourism industry in Egypt has decreased by 20 percent in the last month and is unlikely to flourish if the political situation does not stabilize.

While admitting that general macroeconomic indicators may not be satisfactory, Radwan added that the main goal of the national budget is to “achieve social justice in Egypt” and for the moment Egyptian economy will serve this target.

The general budget deficit for 2010/2011 was projected to be 7.9 percent, but is now expected to be around 8.5 percent, added Radwan.

Minister Radwan had declared in a statement that he wished to receive “Britain’s support in seeking the cancellation of its debt with the European Union” on 21 February.

Discussing the issue with British trade and investment minister Lord Stephen Green, Radwan said Egypt was “at least hoping for the cancellation of interest payments, if not its entire debt to Europe.”

Wheat, flour and oil have all been made available for the coming period, and reserves of basic commodities are safe, he said.

The Egyptian stock marked is scheduled to reopen by 28 March.