IMF-Supported Stabilization Programs and their Critics: Evidence from the Recent Experience of Egypt |
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| Institution: | 1. Graduate Program in Environmental Engineering, Federal University of Technology, Av. Pioneiros 3131, 86036-370 Londrina, PR, Brazil;2. Department of Civil and Resource Engineering, Dalhousie University, 1360 Barrington Street, Halifax, Nova Scotia B3H 4R2, Canada;3. Department of Environmental Engineering, Federal University of Technology, Av. Pioneiros 3131, 86036-370 Londrina, PR, Brazil;1. Faculty of Mechanical Engineering, Technische Universiteit Eindhoven, Den Dolech 2, 5600 MB Eindhoven, The Netherlands;2. Shell Global Solutions International B.V., Kessler Park 1, 2288 GS Rijswijk, The Netherlands;1. Department of Chemical Engineering, COMSATS University Islamabad, Lahore Campus, Pakistan;2. School of Chemical Engineering, Minhaj University Lahore, Pakistan;3. Department of Petroleum and Chemical Engineering, Sultan Qaboos University, Oman;4. Institute of Chemical Engineering & Technology (ICET), University of the Punjab, Lahore, Pakistan;5. Interdisciplinary Research Centre in Biomedical Materials (IRCBM), COMSATS University Islamabad, Lahore Campus, Pakistan |
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| Abstract: | The IMF-supported stabilization and structural adjustment programs implemented by Egypt in the 1990s were successful in meeting their objectives, and when compared with earlier attempts and the experience of other developing countries. The authorities undertook a sharp reduction in the government's overall deficit and its central bank financing allowing for increased credit availability to the private sector within a framework of a rapidly decelerating monetary expansion. Despite initiating comprehensive market reforms that significantly improved the environment for private investment, the response of the private sector has been disappointing. It is argued that until institutional, regulatory and political constraints are removed, Egypt will not join the group of high-investing and fast-growing economies. |
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