2 The Absence of Strategy Amid widespread economic turmoil and ongoing political uncertainty, the Egyptian government has become increasingly direct in its calls for international assistance. Earlier this year, Qatar pledged three billion dollars in deposits to Egypt in an effort to stave off an economic disaster characterized by rising prices, fuel and power shortages, and dangerously low levels of foreign currency reserves. Earlier this month, Qatar and Libya pledged an additional five billion in deposits and simultaneously agreed to cover Egypt’s natural gas export obligations for the coming summer months. This week, Egypt sought Russian assistance requesting a reported two billion dollar loan in addition to vital supplies of grain. Egyptian officials also asked for government assistance in coordinating a gas swap with Russian corporations including Gazprom, Gazprom Neft, Lukoil and Novatek. The pro-
posed swap would allow Egypt to keep much needed natural gas for the domestic market. Russian officials were noncommittal on all fronts. Egypt’s calls for help clearly demonstrate an absence of a clearly defined and strategic objective. It seems that Egyptian officials are merely reacting to one crisis after the other in an effort to keep the country away from the edge of short run disaster. The absence of a clear strategy and existing in perpetual crisis management mode do little to support the feasibility of IMF imposed austerity measures...whether the loan is received or not. Absent fundamental change in the way business is done, we are quite likely to find ourselves in an identical difficult circumstance one or two years in the future.
Editor in Chief Julie Herrick
Art Director Omar Ghazal
Managing Editor Tatianna Duran
Cartoonist Mai Gamal Administrative Assistant Basma Naguib
Senior Staff Writers Effat Mostafa Laura Raus John Pastrikos
Customer Service Coordinator Salma Selim IT Specialist Sameh Fattouh
Chief Reporter Wael El-Serag
Production Advisor Mohamed Tantawy
Marketing Manager Ayman Rady Business Development Officers Ayman Hussien Haitham Zoulfakar Nada El.Labban
Operations & Financial Manager Abdallh Elgohary Accountant Mahmoud Khalil
Publisher
Mohamed Fouad Julie Herrick
Editor in Chief
This publication was founded by Omar Donia, Mohamed Sabbour and Mohamed Fouad
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