What Direction for the Egyptian Economy?
This week concludes the visit by an IMF delegation, the first in Egypt since March 2013, though this visit is dedicated solely to assessing current economic conditions and offering counsel, with no specific program commitments to follow. Preparations are also well underway for the economic conference for donors and investors, scheduled for March 13–14, and for the projects and legislation to be announced at the conference. In substantive terms, over the last six months the government has implemented several major policy decisions. It has reduced energy subsidies, increased fertilizer prices, developed a new distribution system for bread and other subsidized items, raised corporate and personal income taxes, launched the Suez Canal project, and expanded infrastructure projects.