(Wall Street Journal) Yaroslav Trofimov - Egypt's President Abdel Fattah Al Sisi is cutting food and fuel subsidies in a high-stakes gamble to aid the stalled economy that none of his predecessors dared execute. With the economic shock therapy, fuel prices went up 50% in June, cooking-gas prices have doubled and the annual inflation rate has surpassed 30%. Sisi is betting that the expected payoff - new jobs, foreign investment and growth - will arrive before the economic pain risks a social explosion. The subsidy cuts are among the conditions set by the International Monetary Fund for a $12 billion loan.
2017-08-07 00:00:00Full ArticleBACK Visit the Daily Alert Archive