Egypt: no pain, no gain

Egypt may have turned a leaf on its economy thanks to tough reforms taken by the government, writes Nabilah Annuar for CPI Finance. While acknowledging that inflation had reached a multi-decade high, Annuar states that the reforms have led to major foreign inflows and saw reserves rising. Winning over the confidence of multilateral institutions such as the IMF and World bank was crucial for the recovery. The piece concludes by stating that inflation pains will continue for a while, but the economy’s long term outlook remains positive.