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All Africa: Sisi Says Economic Reforms 'Hard' but 'Essential' to Save Economy

He stressed that low-income individuals will not face the reforms without protection.
16.10.16 | Interesting article at All Africa

Egypt's President Abdel Fattah al-Sisi said on Friday that the economic reforms that are being taken by the state are "hard" but "essential" to save the economy.

On the $12 billion loan from the International Monetary Fund (IMF) and the reform programme, the president told national newspapers' editors-in-chief in a meeting on Friday that the programme aims to make sure that subsidies reach those who deserve it and reducing the debt service bill

Egypt's latest resort to the IMF has been widely discussed among scholars, researchers, journalists and the wider public in recent weeks due to its eminent influence on the market and more importantly on the livelihood of Egyptians.

In order to secure the loan, Egypt is pushing ahead with reforms which include plans for a VAT tax and further subsidy cuts that were put on hold when global oil prices dropped.