The High Dam is in good shape and protected by a number of defense lines preventing water leakage exceeding the allowed percentage, officials at the Water Stations Company and the High Dam Authority said.
 
Media correspondents paid a visit yesterday to the High Dam to inspect it. During the visit, the officials admitted that there is a water leak, saying that it does not exceed the allowable percentage (3.6%) and that the efficiency of defense lines is up to 96.4%.

Secretary of the ruling National Democratic Party (NDP) Polices Committee Gamal Mubarak said 2009 is a difficult year due to ramifications of the world financial crisis, which will have negative effects on growth rates, exports and foreign investment.

President Hosni Mubarak yesterday instructed the government to prepare a bill to Parliament that would extend the free zone in Port Said for three more years.

Prime Minister Dr. Ahmed Nazif said the President ordered a gradual reduction of import quotas to traders until they are completely stopped after three years so as to give a grace period to the traders and the residents there in light of the global financial crisis, considering it a gift to the people of Port Said on their National Day.

MF General Director Dominique Strauss warned that next year would be "really dark", with great inflation in developing economies and falling development in emerging ones.

He said the entire world would suffer from the economic downturn next year and demanded that more ambitious plans be set to shore up the economy, warning that without them, economic forecasts over the next few months are "very dark".

Syrian and Palestinian demonstrations against Egypt and President Mubarak continued before the Egyptian Embassy in Syria to criticize the Egyptian stance on the situation in Gaza. Protesters chanted slogans against Egyptian political leaders and accused them of being an agent of the West.

According to DPA news agency, the demonstrators tried to deliver a letter to the Egyptian ambassador, but no one came out of the embassy to receive it. Therefore, the demonstrators put the letter on the door of the embassy, while some diplomats monitored the situation from the embassy balcony.

The Governor of the Central Bank of Egypt (CBE) Farouq Al-Okda said there is no intention to reduce the price of the pound, adding that what was said by some exporters in this regard is not relevant.
 
At a press conference yesterday, he said rules for banks to lend to companies would not be changed, mocking those who call for using the cash reserves in financing projects.

 He added that cash reserve has two tasks only, namely protecting the stability of the national currency and bridging the deficit in the balance of payments.