Thursday 20 December 2012

Egyptian Economy Caught in a Political Bind - NYTimes.com

With the preliminary results of a referendum on Egypt’s draft Constitution appearing to lean in the Muslim Brotherhood’s favor, President Mohamed Morsi’s now faces his most divisive challenge yet as he attempts to implement difficult economic reforms at a time of widening unrest.

Days before the vote on the new charter, Mr. Morsi postponed a request for a $4.8 billion loan from the International Monetary Fund and delayed tax reforms that had been drawn up under an economic program negotiated with the I.M.F., prompting economists and opposition groups to accuse him of appeasing the public to gain the popular vote.

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