News: Soon after floating its currency and increasing fuel prices, Egypt’s government adamantly defended its decision to engage the IMF. Prime Minister Sherif Ismail said, “Today, we don’t have the luxury to postpone these decisions; today, we can’t take painkiller decisions. We’re taking important decisions, decisions that will revive the economy and take it forward.” However, the Egyptian people are angry and do not believe the IMF prescription will improve the situation. This polarization in viewpoints has led some to forecast increase social unrest and possibly a full-scale uprising. Comment: Egypt’s government devalued the Egyptian pound by 48% and is expected to remove state subsidies on fuel to qualify for the $12 billion IMF deal. The government has already lifted subsidies on household electricity and increased the price of sugar by 40% for ration cardholders. The latest measures will only hurt the poor and the middle class that has been decimated by the harsh econo
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