Source: The Institute For National Security Studies
Author(s): Ofir Winter
On November 11, 2016, the International Monetary Fund (IMF) approved a loan of $12 billion to Egypt over three years, to help it undertake an ambitious reform plan that should enable it to overcome years of structural problems that burden its economy. The loan requires serious reforms, which will necessarily revamp the social contract between the Egyptian regime and its citizens, after decades of failed economic policy that plunged the country into a severe financial crisis. Spearheading a reform plan and creating a new social contract between the regime and civilians in Egypt is no simple task. The plan requires members of the middle class to tighten their belts, but does not impose a comparable burden on the elite classes close to the regime, and does not implement rules of transparency and good governance on the military, which controls about 40 percent of the Egyptian economy…
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