Sisi’s economic vision faces its reckoning as Egypt’s currency slides

Issue 476 - 22 Jan 2023 - By John Hamilton | 6 minute read

Egypt has a good claim to have been the most dynamic of all African countries in 2022, but 2023 may be its year of reckoning. The currency crisis now ravaging the economy could bring President Abdel Fattah el-Sisi’s futuristic edifice of renewables, green hydrogen (GH2), new cities, real estate, electric trains, sea water desalination and social infrastructure crashing down unless he can keep on side a wide coalition. This includes the IMF and Gulf monarchies which are Egypt’s largest creditors, the military, whose economic prerogatives must now be curtailed, a hard-pressed population, and international business partners.

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