(Washington Institute for Near East Policy) Barak Barfi - On Oct. 31, 2018, the IMF released to Egypt the fifth of six $2 billion aid tranches agreed upon in 2016. The IMF's positive assessment of Cairo's economic reforms reflects President al-Sisi's willingness to enact painful financial restructuring. The 2011 revolution triggered an economic crisis after Egypt's traditional revenue streams from foreign direct investment and tourism fell dramatically. After Sisi overthrew a Muslim Brotherhood-led government in 2013, he accepted an IMF austerity program to increase revenues through tax reform and slash expenses by cutting energy subsidies. Since then, the country's financial health has largely returned to pre-revolution levels. The IMF projects growth to reach 5.3% this year and 5.5% in 2019. The number of foreigners visiting Egypt had increased by 40% from Sept. 2017 to Sept. 2018.
2018-11-23 00:00:00Full ArticleBACK Visit the Daily Alert Archive