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Egypt economy solid, no change in governance: prime minister

Ahmed Shafiq, who was charged with running the country's domestic affairs by Egypt's new military rulers, said the economy and governance were stable.

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The prime minister, charged with running domestic affairs by Egypt's new military rulers, said on Sunday the economy was solid and the country was being governed in the same way as under ousted President Hosni Mubarak.                                           

Trying to reassure Egyptians who rose up against Mubarak's rule, Ahmed Shafiq said government affairs were being presented to the higher council of the armed forces and its president, "as they were presented to the president of the republic".   

"There is no change in form, or method, or the process of work. Matters are stable completely," he told a news conference.

Mubarak appointed Shafiq after sacking his former cabinet on Jan. 29 in a vain effort to quell an uprising against his rule. Shafiq's remarks were likely to infuriate Egyptians looking to dismantle Mubarak's ruling system in the new era.                                           

Mubarak stepped down on Friday, handing power to the Higher Military Council, headed by Defence Minister and armed forces commander Mohamed Hussein Tantawi. The council said on Saturday that Shafiq's government would stay on until a new one was formed.                                           

"All matters are presented to the higher council, and the president of the higher council, as they were presented to the president of the republic," Shafiq said, signalling no change yet to the system of rule that the protesters want to change.                                           

Egypt's economy is "solid and cohesive", Shafiq said. "We have enough reserves in the coming period and our situation is comforting, very comforting."                                           

But if instability persists, "some obstacles may occur and there may be some delay," he said, without giving details.    

He also pledged to fight corruption, another grievance that fuelled the uprising. "I guarantee that this (cabinet) will return rights to the people and fight corruption," he said.    

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