Babel: Translating the Middle East
Khalid Ikram: Egypt's Economic Crisis
Oct 3, 2023
Economist Khalid Ikram discusses Egypt's economic crisis, including the military's role in the economy and potential solutions. They compare Egypt's situation to other governments in the region and explore the impact of the crisis on the country's relationships with Western states and China.
39:52
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Quick takeaways
- The Egyptian military's heavy-handed role in the economy is a significant barrier to resolving the economic crisis.
- The dominance of state-owned enterprises and government preference for them hinder the growth of small and medium-sized enterprises in Egypt.
Deep dives
Egypt's Economic Crisis and Debt
The podcast episode explores the economic crisis in Egypt, which was precipitated by the Ukraine war. Rising commodity prices and the departure of foreign investors have worsened the situation. The Gulf governments, previously willing to provide bailouts, are now interested in investing in Egyptian businesses but on better terms. The International Monetary Fund (IMF) has extended a loan to Egypt, but compliance with the agreed terms has been a challenge. The episode delves into the heavy-handed role of the Egyptian military in the economy and the barriers preventing policymakers from resolving the crisis.
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