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bemildred

(90,061 posts)
Sat Jun 7, 2014, 11:04 AM Jun 2014

Egypt turns to Western economic advisers

Cairo/London: Western advisers are drawing up plans for reshaping the Egyptian economy, sources said, with the apparent blessing of president-elect Abdul Fattah Al Sissi who so far has spoken only vaguely in public about reviving the state’s finances.

The driving force behind the consulting project is the UAE, which along with Saudi Arabia and Kuwait has showered Egypt with billions of dollars in aid since Al Sissi removed the Muslim Brotherhood from power last year, sources familiar with the exercise and businessmen said.

If Egypt were to accept reforms proposed by US consultancy Strategy & and international investment bank Lazard, this could be used as a basis for reopening talks on a loan deal with the International Monetary Fund which ousted Islamist President Mohammad Mursi failed to seal, unwilling to impose unpopular reforms.

Gulf allies opposed to the Muslim Brotherhood have extended a lifeline exceeding $12 billion (Dh44 billion) in cash and petroleum products to help Egypt stave off economic collapse.

http://gulfnews.com/news/region/egypt/egypt-turns-to-western-economic-advisers-1.1344164

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