{"id":582464,"date":"2023-03-06T00:00:00","date_gmt":"2023-03-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/06\/economic-overhaul-needed-to-make-imf-program-a-success-says-iif\/"},"modified":"2023-03-06T00:00:00","modified_gmt":"2023-03-06T00:00:00","slug":"economic-overhaul-needed-to-make-imf-program-a-success-says-iif","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/06\/economic-overhaul-needed-to-make-imf-program-a-success-says-iif\/","title":{"rendered":"Economic \u201coverhaul\u201d needed to make IMF program a success, says IIF"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Egypt needs to \u201coverhaul\u201d its business environment for the latest IMF program to <\/span><span style=\"font-weight:700\">succeed: <\/span><span>That\u2019s the conclusion of the Institute of International Finance (IIF), which<\/span><span> published a report last month<\/span><span style=\"font-weight:400;\"> following a visit to Cairo to talk with policymakers and representatives of financial institutions, including the IMF.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The good: \u201cEgypt\u2019s challenges are not insurmountable.\u201d<\/span><span> The reform program has the capacity to transform the country into a more open, market-based economy with the private sector at its heart. The terms agreed with the IMF go deeper than ever before, for the first time containing commitments to level the playing field between the state and the private sector, and reduce the economic footprint of state- and military-owned companies. Implementing these reforms \u2014 via the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/02\/importers-can-now-turn-the-page-on-l-cs-92524\/\" style=\"\">state ownership policy<\/a><\/span><span>, the plan to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/09\/rebooted-privatization-program-to-see-stakes-in-32-companies-sold-to-strategics-public-investors-96067\/\" style=\"\">sell stakes in 32 state-owned companies<\/a><\/span><span style=\"font-weight:400;\"> and efforts to improve transparency \u2014 will be \u201ccritical\u201d to the success of the program, the IIF says.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">But it\u2019s not without uncertainty: \u201c<\/span><span style=\"font-weight:700\">The success of the program hinges on regaining investor confidence<\/span><span style=\"font-weight:400;\">, strong determination to stay the course in the face of challenges, resistance to vested interest groups, and rapidly adopting to potential headwinds.\u201d There is also uncertainty about the amount that the government will be able to raise via asset sales \u2014 and thus the program\u2019s impact on Egypt\u2019s estimated USD 17 bn external funding gap. Then there are the political challenges of divesting state-owned assets, which the IIF says could be \u201coverwhelming.\u201d<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The big questions outside of privatization: <\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">Do we stick to a flexible exchange-rate regime?<\/span><\/li>\n<li><span style=\"font-weight:400;\">Where will the government drum up higher tax revenue \u2014 without choking companies that are already participating in the tax system?<\/span><\/li>\n<li><span style=\"font-weight:400;\">Can we massively ramp up exports of goods and services as a percentage of GDP, where we (at less than 20%) lag far behind Thailand, Morocco, and Turkey (35-70%)?<\/span><\/li>\n<li><span>How do policymakers respond to and readjust policies in the face of future economic headwinds?<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">And the big one<\/span><span style=\"font-weight:700\">: <\/span><span>\u201cUnless deep reforms, focused specifically on the overhaul of the business environment, are implemented, it is difficult to see how the objectives of the authorities\u2019 program can be met,\u201d the IIF said.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt needs to \u201coverhaul\u201d its business environment for the latest IMF program to succeed: That\u2019s the conclusion of the Institute of International Finance (IIF), which published a report last month following a visit to Cairo to talk with policymakers and representatives of financial institutions, including the IMF. The good: \u201cEgypt\u2019s challenges are not insurmountable.\u201d The [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":582465,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[72,272,81,7197],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-enterpriseam","tag-imf","tag-privatization-watch","tag-state-ownership-policy","wpautop","entry"],"acf":{"mongo_id":"f738af48-5f3a-41fb-be7b-52defae89597","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/Cairo-traffic-1600.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[582457],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.bafa7bb6-45f9-4b20-ace5-98853150dc2c.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Economic \u201coverhaul\u201d needed to make IMF program a success, says IIF - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/06\/economic-overhaul-needed-to-make-imf-program-a-success-says-iif\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economic \u201coverhaul\u201d needed to make IMF program a success, says IIF\" \/>\n<meta property=\"og:description\" content=\"Egypt needs to \u201coverhaul\u201d its business environment for the latest IMF program to succeed: That\u2019s the conclusion of the Institute of International Finance (IIF), which published a report last month following a visit to Cairo to talk with policymakers and representatives of financial institutions, including the IMF. The good: \u201cEgypt\u2019s challenges are not insurmountable.\u201d The [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/06\/economic-overhaul-needed-to-make-imf-program-a-success-says-iif\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-06T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Cairo-traffic-1600.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/06\/economic-overhaul-needed-to-make-imf-program-a-success-says-iif\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/06\/economic-overhaul-needed-to-make-imf-program-a-success-says-iif\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Economic \u201coverhaul\u201d needed to make IMF program a success, says IIF\",\"datePublished\":\"2023-03-06T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/06\/economic-overhaul-needed-to-make-imf-program-a-success-says-iif\/\"},\"wordCount\":363,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/06\/economic-overhaul-needed-to-make-imf-program-a-success-says-iif\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Cairo-traffic-1600.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"IMF\",\"privatization watch\",\"state ownership policy\"],\"articleSection\":[\"Economy\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/06\/economic-overhaul-needed-to-make-imf-program-a-success-says-iif\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/06\/economic-overhaul-needed-to-make-imf-program-a-success-says-iif\/\",\"name\":\"Economic \u201coverhaul\u201d needed to make IMF program a success, says IIF - 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