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.
It may be too early to judge the success or failure of Egypt’s 2011 revolution, but this much is clear: The young people who led the uprising feel betrayed, and the Islamist government that followed is focused on consolidating power when it should be ensuring economic recovery.
Hisham Ramez, who is set to become Egypt’s central bank governor next month, said a day before his nomination that the pound may weaken more this quarter before stabilizing as Egypt secures International Monetary Fund aid and other inflows.
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.