Arab Today, arab today mixed views among egyptian economists about upcoming referendum
Last Updated : GMT 06:21:28
Arab Today, arab today
Arab Today, arab today

Economic plan in draft constitution is vague, say experts

Mixed views among Egyptian economists about upcoming referendum

Arab Today, arab today

Arab Today, arab today Mixed views among Egyptian economists about upcoming referendum

The draft constitution has been put together by Egypt's Constituent Assembly
Cairo - Mohamed Salah

The draft constitution has been put together by Egypt\'s Constituent Assembly There are mixed views among Egyptian economists about the effect of the upcoming constitutional referendum on the Egyptian economy. Arabstoday spoke to economists and bankers about the referendum and what sort of a part it can play in helping the country get back on the road to economic recovery and growth.
Economic expert and member of the Egyptian Council for Economic Affairs, Mohammad Farouk, said that a stable nation is based on four pillars of power. \"The country cannot be based on one pillar. At the moment we only have executive authority represented in the presidency. There\'s the parliament with its two chambers, the government, and the judiciary.\"
He added that the constitution is a rulebook for the four pillars of the state to work together, with the referendum being a democratic practice. \"The referendum is an essential part of democracy because it allows everyone in the Egyptian society to know their rights and duties.\"
He said that Saturday\'s vote will help boost the economy at both the domestic and international level. \"It will lead to stability and the economic credit rating of Egypt will be upgraded, giving us an incentive to attract local and foreign investments and to work together within the framework of fiscal and monetary policies.\"
Farouk said economic growth can be the the trigger for positive progression in other industries. \"Economic power can lead to advancement in technology and ultimately the military force.\" He said the IMF\'s decision to postpone its $4.8bn loan to Egypt shows the country\'s fiscal and monetary policies are \"flawed and discouraging for investors.\"
According to Farouk, the new constitution states that an authority to develop the economy will be established, in addition to an overall monitor over the economy to create of an investment friendly climate. “That is perfect, but implementation is always the problem,\" added Farouk.
A member of the Economic Committee in the Freedom and Justice Party, Mohamed Gouda, told Arabstoday that the government is currently considering how to provide people with essential resources during this transitional period, without focusing on development. He said that building state institutions is the priority, before looking at ways of growth.
He said that \"the absence of a clear economic vision for the country in the constitution, is an advantage and not a mistake,\" adding that Egypt must build on previous international experience in constructing an economic identity. \"The United States does not have a clear economic identity in the constitution, although it is abiding by the free market approach.\"
Meanwhile, the Chairwoman of the Board of Directors at Al-Mashoura financial services, Basant Fahmi, thinks the constitution does not provide a clear vision, something which has confused the investors. \"What does the future hold for public sector companies or loss-making businesses? The volatile nature of economic decision-making in Egypt is being reflected in the constitution,\" she said.
Fahmi said that the economy is being dominated by political decisions, and shared her concerns about the future. \"If the new constitution is rejected in the coming referendum, it will have an even bigger impact on investments due to the length of time needed to draft a new constitution and hold parliamentary elections.\"

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today mixed views among egyptian economists about upcoming referendum Arab Today, arab today mixed views among egyptian economists about upcoming referendum

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 12:38 2017 Thursday ,23 February

Lower fares hit Qantas first half profit

GMT 10:57 2017 Thursday ,23 February

Chief executive out at Paramount Pictures

GMT 07:26 2017 Thursday ,23 February

A peek inside Qatar's 'gas capital of the world'

GMT 11:26 2017 Wednesday ,22 February

Dutch corporate takeover defences tough to breach

GMT 11:14 2017 Wednesday ,22 February

Lloyds Banking Group posts surging profits

GMT 10:01 2017 Tuesday ,21 February

Egypt pound rebounds from flotation slide

GMT 09:57 2017 Tuesday ,21 February

Greece agrees to bailout reforms compromise
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday