Front Matter

Front Matter

Author(s):
Howard Handy
Published Date:
May 1998
    Share
    • ShareShare
    Show Summary Details

    © 1998 International Monetary Fund

    Cover design, charts, and composition: In-Ok Yoon, Julio Prego, and IMF Graphics Section

    Cataloging in-Publication Data

    Egypt: beyond stabilization, toward a dynamic market economy / by a staff team led by Howard Handy. – Washington, DC : International Monetary Fund, [1998]

    p. cm. – (Occasional paper, ISSN 0251–6365 ; 163)

    ISBN 1–55775–720–8

    I. Egypt – Economic conditions – 152 2. Egypt – Economic Policy. 3. Economic stabilization – Egypt. I. Handy, Howard. II. International Monetary Fund. III. Series: Occasional paper (International Monetary Fund); no. 163.

    HC830.E383 1998

    Price: US$18.00 (US$15.00 to full-time faculty members and Students at universities and colleges)

    Please send orders to: International Monetary Fund, Publication Services 700 19th Street, N.W., Washington, D.C. 20431, U.S.A. Tel.: (202) 623–7430 Telefax: (202) 623–7201

    E-mail: publications@imf.org

    Internet: http://www.imf.org

    Contents

    Preface

    List of Abbreviations

    I Introduction

    II A Historical Examination of Growth, Investment, and Saving

    III Current Fiscal Situation and Medium-Term Outlook

    IV Inflation

    V Capital Inflows: Managing Success

    VI Sustainability of the Exchange Rate Regime

    VII Poverty, Social Safety Net, and Human Development Issues

    VIII Privatization and Restructuring the Public Sector

    IX Modernizing Egypt’s Financial Markets

    X Trade Liberalization

    Appendices

    References

    Boxes

    Section

    III

    VI

    VIII

    IX

    Tables

    Section

    I

    II

    III

    IV

    V

    VI

    VII

    VIII

    IX

    X

    Figures

    Section

    II

    III

    IV

    V

    VI

    IX

    X

    The following symbols have been used throughout this paper:

    • … to indicate that data are not available;

    • n.a. to indicate not applicable;

    • — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

    • – between years or months (e.g., 1994–95 or January-June) to indicate the years or months covered, including the beginning and ending years or months;

    • / between years (e.g.. 1994/95) to indicate a crop or fiscal (financial) year.

    “Billion” means a thousand million.

    Minor discrepancies between constituent figures and totals are due to rounding.

    The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not States, but for which statistical data are maintained and provided internationally on a separate and independent basis.

    Preface

    This occasional paper is a collection of studies focusing on economic developments in Egypt during the 1990s, a period of transformation toward a dynamic market economy. The studies were prepared in conjunction with the Article IV review of the Egyptian economy undertaken in October 1997.

    The paper is a collaborative work coordinated by Howard Handy. The principal authors of the sections are Christopher Lane (Section I), Amer Bisat (Section II and Section IV, with Joannes Mongardini), James Daniel (Sections III and VII), Arvind Subramanian and Robert Khan (Sections V and X), Arvind Subramanian (Section VIII), Joannes Mongardini (Section VI), and Peter Allum (Section IX).

    The authors would like to acknowledge the contributions of Mohammed El-Erian, V, Sundararajan, and Luca Ricci. The paper also benefited from assistance given by officials of the Egyptian Ministry of Economy and the Central Bank of Egypt, and also Mokhtar El Khatab, Ahmed Galal, and Heba Handoussa. The authors would like to thank Wilma Gonzalez Buenaobra and Anne-Barbara Hyde for excellent secretarial assistance, Rusty Hall for technical assistance, Nada Massoud, Nahed El-Tantawy, Rafik William for research assistance, and Juanita Roushdy of the External Relations Department for editing the manuscript and coordinating the publication.

    The views expressed here are solely those of the authors and do not necessarily reflect the opinions of IMF Executive Directors or the Government of Egypt.

    List of Abbreviations

    ARDL

    autoregressive distributed lag

    ASEAN

    Association of South East Asian Nations

    BOT

    build-operate-transfer

    BCCI

    Bank for Credit and Commerce International

    CAA

    Central Auditing Agency

    CBE

    Central Bank of Egypt

    CMA

    Capital Market Authority

    ECES

    Egypt Centre for Economic Studies

    ECM

    error correction model

    EGPC

    Egyptian General Petroleum Corporation

    EISA

    Egyptian Insurance Supervisory Authority

    ERER

    equilibrium real exchange rate

    ESA

    Employee Shareholder Association

    EU

    European Union

    GDP

    gross domestic product

    GDR

    global depository receipt

    G-7

    Group of Seven, industrial nations

    GST

    general sales tax

    HIPC

    highly indebted poor countries

    IAS

    international accounting standards

    M2

    broad money

    MEMR

    multilateral exchange rate model (of the IMF)

    MENA

    Middle East and North Africa

    MULTIMOD

    multicurrency macroeconomic model (of the IMF)

    NAIRU

    nonaccelerating inflation rate of unemployment

    NDA

    net domestic assets

    NEER

    nominal effective exchange rate

    NGO

    nongovernmental organizations

    NIB

    National Investment Bank

    NIR

    net international reserves

    OECD

    Organization for Economic Cooperation and Development

    OIN

    other items net

    PEO

    Public Enterprise Office

    QR

    quantitative restriction

    REER

    real effective exchange rate

    repo

    repurchase operations

    SCA

    Suez Canal Authority

    SFD

    Social Fund for Development

    SUMED

    Suez-Mediterranean (oil pipeline)

    TFP

    total factor productivity

    TOT

    terms of trade

    USAID

    U.S. Agency for International Development

    VAT

    value-added tax

      You are not logged in and do not have access to this content. Please login or, to subscribe to IMF eLibrary, please click here

      Other Resources Citing This Publication