Egypt’s economic transition faces new challenges

Several developments have marked Egypt’s economic circle from different spheres in recent times leaving negative marks on the country’s desire to revive its economy and political crisis. The Prime Minister Hisham Qandil affirmed that they are dealing with major economic and democratic transition challenges. He added that the government is working on achieving the people’s aspirations for “Bread, Freedom and Human Dignity”.
These remarks were made at the annual conference of the Middle East and North Africa Council of American Chambers of Commerce reassuring that the country is on its path to a political stability describing the constitutional referendum as the beginning of the process.
If his remarks could stabilize the Egyptian stock market, the resignation of the chairman of Egypt’s largest public bank, the National Bank of Egypt (NBE) might be jeopardizing everything according to sources.
Chairman Tarek Amer has been in charge of the bank for five years and has resigned several times but has always been rejected and there is yet to be official statement about it. It is not yet clear if the president has accepted his resignation and Tarek Amer has not been reached for confirmation.
Elsewhere, the World Bank has deiced to appoint Hartwig Schafer as the new country director to Egypt. The bank helps in administering development projects and its project in Egypt are geared towards developing the power, transport, financial, agriculture and social sectors, and improving water, sanitation and the environment.
Nevertheless, the Prime Minister has urged businessmen to invest in the country and said that security and safety is now under control. He further pledged the government’s commitment to carry out economic reform, plug deficit in the state budget and solve other main problems, topped by subsidy that does not reach deserving beneficiaries.