Curbing inflation tops Sisi’s list of economic priorities
With Egyptian President Abdel Fattah al-Sisi securing a second term, many economists are still wondering how to deal with inflation and soaring prices, while questioning the future of the armed forces' participation in the economy.
CAIRO — When the National Election Authority announced the results of the presidential election April 2, it was not only declaring President Abdel Fattah al-Sisi’s victory for a second presidential term, but also the continuation of his economic program, known in the media as “the economic reform program,” for the next four years.
Although this program attracted investments, increased foreign reserves and improved Egypt’s credit rating from stable to positive, many challenges remain unaddressed. These include the high inflation and soaring prices of basic commodities.
Added to this is the alleged lack of fair economic competition between the armed forces’ institutions and the private sector. The armed forces are able to take greater market shares by offering commodities with lower prices since they incur lower costs in terms of taxes, customs and salaries compared to the private sector.
With Sisi and his program given another four-year term, millions of Egyptians are expecting more achievements.
