the authorities. All of this begs the question of whether these reforms are bad for the poor. what it entails in its four well-known pillars/components, and. procured to Egypt was legitimate and that Egypt was economically sound. Up until recently, Egypt had turned to the Gulf for aid to the tune of about $30 billion over the past couple years. Egypt needs the IMF loan to offset the budget deficit and stop the depletion of cash reserves. phase-out of most energy subsidies at a time when the economy appears at its “We’ve been postponing,” El-Swaify says. Abdel-Khalek thinks Egypt should enact limits on imports per its World Trade Organization membership rights, and should strive to reopen all factories that have shut down. Where are the improvements? that they were waiting for two things to start injecting funds into Egypt: Egypt’s debt levels are very high. Honestly, we have no chance now to get or earn US dollar financing from abroad except by tapping the IMF.”, According to El-Swaify, this sends a signal to investors that “we are going to have a macroeconomic program that the government is going to be committed to follow over the next 3 years. An IMF mission led by Chris Jarvis, the mission chief for Egypt, had visited Cairo on July 30 to discuss terms of the loan as well as support for the government’s economic reform program, in response to a request from the Egyptian authorities. b. on an economic vision that investors are looking for, particularly those in the If we look at the last 5 years, the growth in public debt has been very steep primarily as a result of growth in government salaries, social spending, the subsidy component and the cost of the annual servicing of the debt. The presented program was modest in its targets regarding fiscal consolidation, public debt reduction and currency stability. Though, we understand that Egypt is not It will also probably bring some decisions about the foreign currency issue, where clearly the management has been hesitating for a long time. In other words, the reform program An IMF program would have slowed down economic growth further and pushed unemployment up. Egypt Will there be an increase in fuel and electricity prices? That the Egyptian arrangement with all the strings attached to such an arrangement. “It is our responsibility to make sure that the details of the agreement are consistent with efficiency, sustainability and equity," Galal says. Tourism is at an all-time low with no signs of recovery. [1] A. Bastawi: Egypt’s fiscal and It needs the money, it needs the advice and it needs the support of other institutions, not just the IMF. After weeks of negotiations, the International Monetary Fund (IMF) confirmed last month a $12 billion loan to Egypt over 3 years pending the IMF's approval. exceptionally as a middle-income country together with Poland, was written-off subject to similar if not the same terms. message:  With First, was the signing of the IMF loan. Second: GNP) and to raise resources. The IMF could advise Egypt on its path to economic recovery. as much as you owe us to follow the path of democracy with all what it entails: §  Non-favoritism refer back later. The measures supported by the SBA include stepped-up reporting requirements for state owned enterprises (SOEs) to improve transparency and financial disclosure; approval of the amended customs law to facilitate trade and reduce non-tariff barriers; and revisions to the competition law to strengthen competition and support a level playing field for all stakeholders. suggested by the IMF. Didn’t we just get $9 billion last year? to cater to the entire Egyptian population and gain the trust of the Egyptian I was not in favor of an IMF program when I was in government because the IMF program is contradictory by design, and the Egyptian economy was already in a slump. (Executive Board Members with their weighted voting power) as well as towards D. iv. Instead of the purported value-added tax, he proposes a progressive income tax system and reworking the tax on profits from stock transactions. "What worries me is we seem to be debating only in terms of whether we should or shouldn't sign the agreement with the IMF. The authorities will also introduce amendments to the previously submitted Egyptian Competition Law to support competitive neutrality and empower the Egyptian Competition Authority to regulate mergers and acquisitions and act as needed to curb anti-competitive economic behavior.

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