Momtaz El-Saeed
| Momtaz Saeed Abu El Nour | |
|---|---|
| Minister of Finance | |
|
In office December 2011 – 5 January 2013 |
|
| President | Mohamad Morsi |
| Prime Minister |
Kamal Ganzouri Hesham Qandil |
| Preceded by | Hazem Al Beblawi |
| Succeeded by | Morsi Hegazy |
| Personal details | |
| Born | 1948 (age 68–69) |
| Political party | Independent |
| Alma mater | Ain Shams University |
Momtaz El-Saeed (also known as Momtaz Saeed Abu El Nour; born 1948) is an Egyptian civil servant who served in the government of Egypt as minister of finance from 2011 to 2013.
Saeed was born in 1948. He obtained a bachelor's degree in accounting from Ain Shams University in 1971.
During the late 1990s, Saeed served as general director of the Egyptian finance ministry's budget division. He was the ministry undersecretary during the term of Mubarak-era finance minister Youssef Boutros Ghali. Prior to being appointed minister by Prime Minister Kamal Ganzouri in the interim government in December 2011, Saeed served as the second-in-command at Egypt's finance ministry. Saeed was called from retirement in the middle of 2011 to work as deputy finance minister under Finance Minister Hazem Al Beblawi.
On 2 August 2012, Saeed was sworn in as part of Prime Minister Hisham Qandil's cabinet. He was one of the independent ministers in the cabinet. Saeed leans towards the conservative side, and no dramatic policy changes were expected from him. He prepared Egypt's 2012-2013 state budget. Saeed was criticized by the Freedom and Justice Party (FJP) of the Muslim Brotherhood, who claimed that he delayed presenting the budget to the Egyptian parliament by two months deliberately. One official of the FJP called the budget that Saeed drafted "a plot" to ensure that President Morsi fails," and that it was the same as every budget during the era of President Hosni Mubarak. Saeed was replaced by Morsi Hegazy as finance minister in a cabinet reshuffle on 5 January 2013.
Following the Egyptian Revolution of 2011, Egypt's economy entered into decline, leading Egypt's central bank to sell dollars in order to bolster Egypt's pound. Egypt's economy faces a balance of payments crisis, and is also being further undermined due to high state borrowing costs.
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