Economic expert Rashad Abdou blamed the weak administration from Egypt’s government and Central Bank for the current economic problems witnessed in the country, describing their economic decisions as random.
He added, “The Egyptian government took the easier way to resolve the economic crisis through taking the loans, while it did not think about repayment. It had another way which was to issue the legislations supporting the citizens for production and exportation and to create opportunities to attract the investments.”
The Egyptian expert, who serves as chairperson of Egyptian Forum for Political and Economic Studies, added that President Abdel Fattah Al Sisi should take serious measures make a radical change in the government, saying that the current period does not tolerate any more mistakes. He called for adopting forced pricing system to protect the citizens from the aspirator traders.
He stressed the need for supporting the investment in the country through issuing the legislations aiming to ease the challenges facing the investors. He stressed that the government also should support the local production to pave the way for achieving self-sufficiency and then to increase exports to the foreign markets.
He added that the government took a number of serious decisions, including liberating the local currency’s exchange rate. He said that it was supposed for the government to take other simultaneous decisions, including supporting production in different sectors. He added that the country depend on imports to meet 70 percent of its needs.
He added, “We have no solution to resolve the dollar crisis except to increase production in the light of the current low rate of tourists, the lack of exportation and the decline of worker remittances.” He added that the government should increase production to increase its exports as it is the only way to increase the hard currency.
He also rebuked the role performed by Consumer Protection Agency, saying that it does not perform any notable role in the lives of the Egyptian citizens. He added that such agencies should analyze the commodities and to publish the results in the media channels and newspapers, saying that the emergence of the use of spoiled tomatoes to make sauce in an Egyptian factory revealed the absence of the agency’s role.