14/06/1997
Al-Ahram Al-Ektsady Magazine 1997/JUNE /28
The Egyptian economic reform program is pure Egyptian and does not replicate any other system that is different in nature and circumstances from the Egyptian reality. This model was met with appreciation and support from the World Bank, International Monetary Fund and global and financial institutions.( Available in Arabic )
History repeats itself. Many people forget that in its contemporary history and in the late 1950’s, Egypt had administered a stock market that was then ranked 5th in the world. At that time, Egypt owned huge reserves of gold and financial accounts that were deposited with British banks. However, with the advent of the 1980’s, the picture totally changed because Egypt was involved in a number of wars that drained its economy, wasted its resources, crippled its points of strength and embroiled youth of the country into a dark tunnel that obstructed these points and dispersed future hopes. Egypt’s economic reform program can be achieved through an economic and political vision, brave enough to endure gradual progression without bearing unendurable economic burdens. Perhaps this challenge has prompted President Mubarak to address it with a countermeasure that is no less in size but rather exceeds it in economic standards.