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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:The Politics of Adjustment: Egypt and the IMF, 1987-1990
Author:Seddon, DavidISNI
Year:1990
Periodical:Review of African Political Economy
Volume:17
Issue:47
Pages:95-104
Language:English
Geographic term:Egypt
Subjects:external debt
IMF
economic policy
Politics and Government
Development and Technology
Economics and Trade
international relations
External link:https://www.tandfonline.com/doi/abs/10.1080/03056249008703850
Abstract:Since the 'bread riots' of 1977 - which erupted when the price of basic goods, including bread, was increased as part of government measures to bring public expenditure under control - the Egyptian government has been extremely cautious of provoking popular protest and political unrest through the introduction of drastic austerity measures. At the same time Egypt has become increasingly enmeshed in a 'debt trap' and is under mounting economic pressure, including a serious balance of payments situation, increasingly severe foreign exchange constraints and a much tougher line being adopted by foreign lending institutions and governments with regard to the provision of credit. An agreement with the IMF, concluded in May 1987, led to a rescheduling by the 'Paris Club' of creditor States of some eight billion dollars of government and government-guaranteed debt. But the Egyptian government proved unable to adhere to the terms of the IMF 'reform' programme laid down as a condition for the agreement, and the programme collapsed in late 1987. The author outlines subsequent negotiations between the IMF and Egypt over rescheduling agreements, the issue of domestic interest rates, and economic reform. The crucial question remains whether the Egyptian government, under growing pressure from all sides, will be able to implement the measures required by the IMF and survive the political repercussions.
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