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August 7, 2017       Share:    

Source: https://news.google.com/news/search/section/q/Egypt%E2%80%99s%20Leader%20Makes%20a%20Risky%20Bet%20on%20the%20Healing%20Power%20of%20Economic/Egypt%E2%80%99s%20Leader%20Makes%20a%20Risky%20Bet%20on%20the%20Healing%20Power%20of%20Economic?hl=en&ned=us

Egypt's Leader Makes a Risky Economic Bet

(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.

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