Egypt’s economic problems began 60 years ago: PM

CAIRO – 26 April 2017: Egypt’s “deep economic problems” began over 60 years ago and led to a rigid system that lacks alternatives, Prime Minister Sherif Ismail said Wednesday.

The outcome of economic reforms will only be realized in two to three years and should not be reduced to the price hike and other decisions, Ismail added in a statement during the National Youth Conference in Ismailia.

Ismail explained that the reforms aim for sustainable development and changing an entire economic system in the long run.

Egypt’s booming population, an increased demand for basic necessities and a poverty rate of 27 percent are some of the most challenging problems Egypt faces, he said.

Ismail also said poverty is concentrated in Upper Egypt, where more projects will be launched, noting that the government did not rely much on tourism in the 2017/2018 budget because of the major downturn in the sector.