Experts debate economic repercussions of Egypt's transition
Officials from the European Bank for Reconstruction and Development (EBRD) convened in Egypt on Monday to discuss projects that can help the country along during the critical transition phase.
While there was general consensus on the importance of stability to economic recovery, there was some disagreement on what the transition process entails and what should be expected during this period.
Bringing together top business officials from around the country as well as the Egyptian Junior Business Association and the Ministry of Planning and International Cooperation, the aim of the Transition to Transition (T2T) initiative is to understand the short- and mid-term priorities for Egypt.
“It is a good sign that EBRD is here today,” Amr Abdel Latif, executive director of the Egyptian Exporters Association, told Daily News Egypt.
“They are here to understand the kind of problems Egypt is facing in order to build future projects that can help the country in this new period.”
According to expertise from former leaders in Central and Eastern Europe, moving to a transparent and accountable government reaps attractive economic growth; maintained by equality, government accountability and social reforms.
“We have to keep in mind that transformation is a complex issue,” said Jan Fischer, former prime minster of the Czech Republic and the current EBRD vice president, in the opening session.
“After 20 years, my country is still in a transition,” he said. “The process involves intertwining economic and political issues, legal changes, as well as social aspects. You can change social laws, you can change privatization laws, this is the time where this happens.”
However, when referring to Egypt, the former prime minister mentioned that lagging in the transition does not help the sensitivity of the situation. “Being behind schedule is not good — change is good, but constantly changing your mind is not,” he said, referring to the political process in Egypt over the past nine months.