How Sisi Could Wreck the Egyptian Economy

Since the era of Gamal Abdel Nasser, the Egyptian state had harnessed itself with expectations that it would provide beyond its abilities in exchange for quietist political attitudes. As a result of declining revenue due to political instability, which compounded the effects of a global economic downturn, Egypt is now in need of cautious though effective economic reforms. In signing an agreement for a $12 billion loan from the International Monetary Fund, President Abdel Fattah el-Sisi hoped to stave off economic collapse and have the breathing space to implement the necessary measures to improve Egypt’s economic trajectory. Unfortunately, some of the planned reforms do not appear to be materializing while other elements of the Egyptian economy only seem to be entrenching themselves further.