Egyptian media presenter Ibrahim Eissa said that the current economic crisis in Egypt requires the state to renounce the economy to let investors do their job and help bring about a big change.
During his show “Hadith al-Qahera” (Cairo Talk), broadcast on al-Qahera Wal Nas (Cairo and the People) satellite channel on Friday, Eissa said that government production is a burden on investment and on the state itself.
He emphasized that the state has entered the economy to save it, explaining that “the state must now leave the economy to wake it up, and just as it entered with great enthusiasm, it must also come out with great enthusiasm steps.”
Ibrahim Eissa added that state-owned enterprises should be put up for sale by thinking like an investor and not the government.
The International Monetary Fund asked Egypt to reduce military interference in the economy, under a bailout plan the fund agreed with Egyptian authorities, in the face of high inflation rates, according to a report by the Financial Times newspaper entitled “Egypt vows to scrap military’s excessive role in economy under IMF bailout.”
The paper said Egypt has committed to reducing the military’s role in the economy as part of the $3 billion bailout package being offered by the IMF at a time when the country is struggling to cope with a crisis of a shortage of foreign exchange, a weak pound, and high inflation rates.
The fund said in a statement that the “critical” structural reforms approved by Cairo include “reconciling the situation between the public and private sectors” as part of the state property policy approved by Egyptian President Abdel Fattah al-Sisi .
The report explained that the policy would apply to all state-owned companies, including “military companies.
