- Egypt relies on Gulf aid for economy: Then What? (http://www.egyptindependent.com/news/egypt-relies-gulf-aid-economy-then-what)
“Supported by the Gulf aid pledges, the government announced a LE22.3 billion ($3.2 billion) stimulus package in August. It later increased it by a third to LE29.6 billion and plans yet another LE24 billion package early next year.
But the government has not spelled out details of any other long-term plans to strengthen the economy. The interim government has raised the public sector minimum wage and pensions, and the central bank has lowered its key interest rates by a full percentage point since August to encourage growth. In addition, the government has said it would focus on a series of labor-intensive infrastructure projects and unfinished public projects designed to quickly improve living standards of Egypt’s 85 million citizens.”
Assistant Professor, Middle East Political Economy, at the University of Oregon. Currently writing on the Egyptian revolution and the Syrian crisis.
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