Then the chief cup-bearer addressed Pharaoh, When Pharaoh was angry with his servants, he put myself and the chief baker in custody. We had a dream on the same night. There was a young Hebrew with us. He interpreted them for us. It turned out exactly according to his interpretation: I was restored to my position, but the other man was hanged.
Pharaoh said to Joseph, I have had a dream, and there is no one to interpret it. But I have heard it said of you that you can interpret a dream the instant you hear it.
Joseph said to Pharaoh, God has revealed to Pharaoh what he is going to do. Seven years are coming, bringing great plenty to the whole of Egypt, but seven years of famine will follow them, when all the plenty in Egypt will be forgotten, and famine will exhaust the land.
Pharaoh should now find someone intelligent and wise to govern Egypt. Pharaoh should take action and appoint supervisors for the country, and impose a tax of one-fifth on Egypt during the seven years of plenty.
They will collect all the food produced during these good years and store the grain under Pharaohs authority. This food will form a reserve for the country against the seven years of famine which are coming on Egypt, so that the country will not be destroyed by the famine.
So Pharaoh said to Joseph, Since God has given you knowledge of all this, there can be no one as intelligent and wise as you. You shall be my chancellor, and all my people shall respect your orders. I hereby make you governor of the whole of Egypt.