Source: Madamasr
Author(s): Mohamed Hamama and Osama El Sharnoubi
Original Link: https://madamasr.com/en/2019/05/16/feature/economy/is-the-government-building-a-parallel-bureaucracy/
In March, the Egyptian government issued an official framework for a planned sovereign wealth fund that is fully owned by the state and will operate as an independent body — legally, administratively and financially.
While countries around the world manage sovereign wealth funds for various ends, Egypt has no budget surplus to speak of, and the move can best be understood as the latest in a series of attempts by the presidency to sidestep existing administrative structures in pursuit of its economic and political goals.
The strategy reflects an overall trend of governance in Egypt under Sisi’s rule where power is increasingly concentrated in the hands of the presidency and the military at the expense of other institutions, including the judiciary, the media and, in this case, the civilian bureaucracy.
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