Bahaa El Din is worried about disjointed economic policy making, lack of transparency

Former Deputy Prime Minister Ziad Bahaa El Din is worried about disjointed economic policy making and what he claims is a lack of transparency about the new Investment Act. He says in his weekly Al Shorouk column that he has four reservations on the new investment act. The new law brings back tax incentives that open doors for corruption and distorts the market, he says. It also complicates the land and permit allocations processes. Bahaa El Din also says it changes the nature of GAFI from an independent investment promotion body to an investment ministry-affiliated supervisory body. He adds that the law also comes at a time when the strategic vision for the country’s economic policy remains unclear. Most importantly, Bahaa El Din writes, is that the process lacked transparency and the reservations a few ministries had on it shows that not all members of the government are in agreement over the policymaking process. He is worried that this would impact the harmony of economic decision making.