Egyptian President Abdel Fattah al-Sisi has been in office for nearly two years, thanks in large part to the support of Egypt’s business community.
But, the government’s latest decisions have created discord between the president and his wealthy supporters.
CCTV’s Yasser Hakim reports.
Rifts growing between government and businesses in EgyptEgyptian President Abdel Fattah al-Sisi has been in office for nearly two years, thanks in large part to the support of Egypt's business community. But, the government's latest decisions have created discord between the president and his wealthy supporters. CCTV's Yasser Hakim reports.
When Egyptian President Abdel Fattah al-Sisi took office in 2014, he promised to provide all the necessary facilities for businesses to flourish in Egypt. The wealthy backed him but critics said he hasn’t delivered.
To preserve the ailing Egyptian pound and dwindling foreign reserves, the president placed a cap on dollar transactions for all companies and individual investors.
Local and international brands, including British Airways, G.M, and Nissan, had no access to hard currency, temporarily freezing operations. Overall production dropped, as well as revenues from exports, especially to Africa.
Now there’s pressure on al-Sisi to make changes in the way his government and businesses work. The president has changed his central bank governor, lifted the cap on dollars, and is expected to reshuffle his cabinet soon.
Bessman Momami on Egypt’s economy
CCTV America’s Rachelle Akuffo interviewed Bessman Momami, a professor at the Balsillie School of International Affairs at the University of Waterloo about Egypt’s economy.