Egypt’s Trade and Industry Minister: Debt now above 100 percent of GDP « ASHARQ AL-AWSAT

Egypt’s Trade and Industry Minister: Debt now above 100 percent of GDP « ASHARQ AL-AWSAT:



"Mounir Fakhry Abdel Nour is one the 20 ministers who survived Egypt’s cabinet reshuffle in March, which saw Hazem El-Beblawi replaced by Ibrahim Mahlab as premier. As Egypt’s Minister for Trade, Industry and Investment, he has a tough job on his hands as the country struggles to recover from the economic chaos which has accompanied the instability since the January 2011 revolution.



Since the departure of longtime dictator Hosni Mubarak, Egypt has experienced a major security vacuum and a turbulent and unpredictable political atmosphere that predictably spooked many investors and prompted tourists—a major source of hard currency—to stay away. A major exodus of foreign money led to a number of negative consequences for the country’s finances, among them the dramatic shrinkage of hard currency reserves, which at one point were not enough to cover three months’ food imports."



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