The revolution will not be hurried
IMF statement on the US$3 billion loan for Egypt –
A number of fundamental structural reforms, including the transition to a VAT-like consumption tax and reform of the highly inequitable and costly system of subsidies, are needed to improve the efficiency of public spending and help reduce the fiscal deficit in the medium term. We share the government’s view that immediate implementation of such reforms is not feasible in the context of this arrangement as additional preparatory work is needed to ensure that an effective safety net is in place to protect the low income households. The government intends to prepare a road map to facilitate implementation of these reforms in the future.
Is it possible that if the people of Ireland, Greece and Portugal seemed angrier, the countries could have gotten to kick to touch on “fundamental structural reforms” as conditions of their IMF loans?