Sissi presidency could boost investment in #Egypt

In his first address as prime minister, Ibrahim Mehleb yesterday said that he would seek “rapid solutions” to rehabilitate the economy through pro-investment policies and creating jobs for young Egyptians. Since the removal of President Mohammed Morsi from office last July, two large government stimulus packages, funded by Gulf countries and totaling almost 9 billion dollars (about 2% of GDP), have provided relief to Egyptian markets and raised hopes that stagnant economic growth (of around 2% of GDP) could yet receive a boost. The Central Bank of Egypt’s rate cuts (100 basis points) since last July — have also led markets to respond positively. However, even as prospects for increased government spending — mainly channeled through public investment and higher public sector wages — are boosting market sentiment, the economy remains dogged by structural challenges that will take time and sustained political will to address.

https://www.oxan.com/display.aspx?ItemID=DB189349

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