CAIRO — Egypt’s president says the most painful part of his ambitious economic reform program is over, but cautioned there was still some way to go before it’s completed.
The reforms included floating the currency, substantial cuts in state subsidies on basic goods, and introducing a wide range of new taxes. The measures led to a significant rise in prices, something that critics say has hurt the poor and the middle class much more than anyone else in the country of 100 million people.
The reforms were agreed on with the International Monetary Fund in exchange for a $12 billion loan.
In televised comments aired Wednesday, Abdel-Fattah el-Sissi said Egypt has gone through the worst of the fallout from the reforms and that what is left “won’t be too much or harsher.”
The Associated Press