A year ago, it became clear to me that the Arab Spring would not succeed in Egypt unless a deadlock between the Islamists and secularists was broken. That didn’t happen, and now something more is required: a new social contract that includes a moratorium on further protests.
The last stint in government for Egyptian Prime Minister Hazem El Beblawi ended in November 2011 when the entire cabinet resigned after security services used deadly force to break up a protest without its knowledge.
Mohamed Kamel and dozens of other engineering graduates have gathered outside Egypt’s Oil Ministry and a state-run energy company in Cairo for months, clamoring for jobs. During one of their demonstrations, he says, they were chased away by security guards wielding sticks and belts.
Egypt’s economy may need a stimulus package to help create jobs, Finance Minister Samir Radwan said today, after President Hosni Mubarak bowed to pressure from hundreds of thousands of protesters and stepped down.
Egypt’s Finance Minister Samir Radwan said the stock market will stabilize this week as the government makes 250 million Egyptian pounds ($42 million) available to buy shares, after the index dropped to the lowest level in almost two years following a seven-week halt.
Egyptian President Hosni Mubarak , facing unprecedented protests calling for his ouster, appointed a new Cabinet and named Samir Radwan , a former senior economist at the International Labor Organization, as finance minister.
Egypt turned down International Monetary Fund loans that would have helped the economy because the lender was seen as tainted by concessions demanded of past borrowers, former Finance Minister Samir Radwan said.
Egypt doesn’t need to borrow from the International Monetary Fund and World Bank “at the moment” after it cut its budget-deficit goal for the fiscal year starting July 1, Finance Minister Samir Radwan said.