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Thursday, 24 September 2020

Egypt’s increased dependence on imports will raise budget deficit: Citi Bank official

Doaa A.Moneim , Monday 9 Sep 2019
Views: 2590
Views: 2590

Managing director and head of Emerging Markets Economics at Citi Bank David Lupin said that if Egypt continues to rely on cheaper imports, its budget deficit will go up, asserting that policy makers face a challenge in balancing the ratio of real liberalisation to financial liberalisation.

Lupin said during the Euromoney Conference that the number of tourists who visit Egypt needs to rise, because tourism is a labour-intensive sector that has a positive impact on other industries like the food industry and small and medium enterprises.

“Egypt needs to focus on labour-intensive industries like tourism. Foreign Direct Investment in Egypt is successful, and has an overall impressive performance, but I think the external trade environment will affect Egypt badly,” according to Lupin.

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