Challenges Ahead for Egypt’s Economy

Source: Carnegie Endowment
Author(s): Brendan Meighan

Original Link:

In the year following the implementation of an economic reform package from the International Monetary Fund (IMF), Egypt’s economy has witnessed the rapid unwinding of financial tensions that had been building up for more than a generation. Shortages of staple goods had been building up for some time, which made the floating of the Egyptian pound all but inevitable. Adding to the ensuing trauma, consumers saw cuts to fuel subsidies, a cumulative 7 percentage point increase in interest rates over the past year, and promises to move forward with tax increases and other austerity measures aimed at jumpstarting the economy…

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