Jan 6, 2011
| Last Updated
In our 2011 Outlook, RGE noted that the Egyptian government could cushion the economy with further fiscal stimulus but that doing so would exacerbate the deficit. In December 2010, Egypt’s Ministry of Finance announced plans to inject US$1.72-3.44 billion into the economy in the 2011 calendar year by allowing government employees to borrow from the banking system, using their salaries as collateral. Seeing that domestic demand has been one of the main drivers of growth in the past two fiscal years, the ministry is seeking to capitalize on this by introducing a “non-budget[...]
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