dawnmena.org
Sisi’s Latest Debt Fix Protects Egypt’s Elite and Punishes the Working Class - DAWN
On Aug. 10, Egyptian President Abdel Fattah El-Sisi approved a proposal to issue a new debt instrument dubbed the “Taxation Sukuk,” a purchasable form of government debt similar to a bond. The proposal’s goal is to ease the burden of Egypt’s debt payments on its budget and, in turn, the broader economy. This new debt instrument, however, will erode the state’s already weak fiscal basis, further shifting the burden onto Egypt’s most vulnerable and away from wealthy regime insiders. The results will be clear: worsening corruption at the expense of working-class citizens.