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Thursday, 9 February 2017

Egypt’s economy in transition, more work needed to secure USD sources -Werr

Egyptians are going to have to tighten their belts for the time being, but an economic improvement could be nigh, Patrick Werr suggests in The National. We have not seen a positive impact from the reform measures undertaken yet because the economy is in transition and companies are re-adjusting. Werr says “apart from freeing the currency, the government will have to work on securing sustainable sources of [USD].” He says the government could be working on teaching “companies export procedures … developing strategies to lure high-spending tourists back to the country starting in autumn … make it easier for new industries such as mining.” Werr also urges the government to abandon plans for mega-projects apart “infrastructure to support businesses and make life easier for people to commute,” saying he “cannot see any value to be gained from the new administrative capital being built outside Cairo or a new nuclear plant.”

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