Egypt economy recovering, wants Europe debt relief
Industry says opening of banks boosted economy
* IMF says recovery depends on tourism rebound
By Tom Pfeiffer
CAIRO, Feb 21 (Reuters) - Egypt would like European Union states to cancel its debts to them but has not made a formal request, the EU's local delegation said, as Egypt's economy showed signs of recovery from weeks of political turmoil.
The government has slashed its growth forecast after 18 days of street protests across the country unseated President Hosni Mubarak, scaring off tourists, hitting inward investment and sparking a wave of strikes in banks, industry and government.
The economy was worth an estimated $217 billion last year and it relies heavily on foreign investment, tourism and fees from the Suez Canal. A government statistics agency estimates the uprising cost the economy at least $1.7 billion.
A spokeswoman for the European Union delegation in Cairo said European Union Ambassador Marco Franco met Finance Minister Samir Radwan on Sunday and the two discussed Egypt's finances.
* IMF says recovery depends on tourism rebound
By Tom Pfeiffer
CAIRO, Feb 21 (Reuters) - Egypt would like European Union states to cancel its debts to them but has not made a formal request, the EU's local delegation said, as Egypt's economy showed signs of recovery from weeks of political turmoil.
The government has slashed its growth forecast after 18 days of street protests across the country unseated President Hosni Mubarak, scaring off tourists, hitting inward investment and sparking a wave of strikes in banks, industry and government.
The economy was worth an estimated $217 billion last year and it relies heavily on foreign investment, tourism and fees from the Suez Canal. A government statistics agency estimates the uprising cost the economy at least $1.7 billion.
A spokeswoman for the European Union delegation in Cairo said European Union Ambassador Marco Franco met Finance Minister Samir Radwan on Sunday and the two discussed Egypt's finances.
