The Egyptian government has defended its economic performance after a former minister alleged in a Foreign Policy Magazine opinion article that the country’s economy is collapsing.
The article of Yehia Hamed, a Muslim Brotherhood member, has created a huge controversy in Egypt, prompting Minister of Planning Hala El Saeed to say that it included false information.
The article sought to distort facts and figures published by international organizations, El Saeed said Sunday.
Hamed resides outside the country similar to other Brotherhood members who have fled Egypt since the ouster of president Mohamed Morsi in 2013.
In his article, the former minister said that President “Abdel Fattah al-Sisi has sold his country as an investment destination” with the help of the International Monetary Fund (IMF). So, “investors are flooding into the country in the hope of making a fortune in Egypt’s capital markets.”
He also referred to Egypt’s borrowing "beyond" its means.
“An example of this exaggeration can be seen in Egypt’s foreign currency reserves of more than $40 billion,” said Hamed.
However, in an article published by the Egyptian foreign ministry, El Saeed said that compared to 2013, the Egyptian economy is “improving massively.”
The article, headlined ‘to all those wondering about the Egyptian economy's situation,' said that many organizations have lauded this improvement.
Meanwhile, Egyptian MPs said Hamed’s criticism aims at distorting the image of the Egyptian system in an attempt to stop international financial support.
