Egypt could risk a default on its foreign debt over the next few months, and the government is desperately trying to get a credit line from here and there — but that’s not how to get the economy back to work. You need foreign investment, you need sound economic policies, you need functioning institutions, and you need skilled labor.
So far, however, the Egyptian government has only offered a patchwork vision and ad hoc economic policies, with no steady hand at the helm of the state. The government adopted some austerity measures in December to satisfy certain IMF requirements, only to repeal them by morning. Meanwhile, prices are soaring and the situation is becoming untenable, particularly for the nearly half of Egyptians who live on less than $2 a day.
The executive branch has no clue how to run Egypt. It’s not a question of whether they are Muslim Brothers or liberals — it’s a question of people who have no vision or experience. They do not know how to diagnose the problem and then provide the solution. They are simply not qualified to govern.
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