Back to the complete issue
Sunday, 20 November 2016

Egypt needs to do more to transform its economy –former IMF director

Egypt needs to do a whole lot more to transform its economy, and it starts with dismantling the public sector. –former IMF director. Writing for the Financial Times (paywall)’s Beyondbrics blog, former IMF director for the Middle East and Central Asia George Abed writes: “The Fund programme represents a good start but it cannot produce the tangible improvements that ordinary Egyptians have long been waiting for. For that, Egypt needs to move beyond stabilisation and pursue a fundamental transformation of its economy. … a fundamental improvement in Egypt’s prospects requires the dismantling of the ossified structures of an economy that has evaded fundamental reform for decades. Egypt’s economy in this regard is akin to those of eastern and central Europe before the fall of the Berlin Wall. Its economy remains shackled by a public sector that is bloated, inefficient and unresponsive to market signals.” And some political reform wouldn’t hurt, either, Abed notes.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.