Book/Printed Material Image 34 of Egypt : a country study
struction of the Aswan High Dam — a program underway in 1991
involved 300,000 feddans (see Glossary) to be worked jointly with
Sudan — Egypt 's agricultural output did not keep pace with popu-
lation growth. Although pricing reforms and the elimination of
government quotas for most crops helped increase output, produc-
tion remained insufficient. Part of the problem was lack of proper
drainage and consequent reduction of optimum yields. In gener-
al, a major challenge facing Egypt was better exploitation of its
water resources, including exploration for new underground water,
particularly in the Western Desert, and improved irrigation tech-
nology. Government development plans also sought to promote
generation of electricity and other energy sources such as oil, gas,
and coal as well as to improve further the transportation network
of roads, railroads, and canals and to update telecommunications.
Egypt 's major sources of foreign exchange used for development
projects and for needed imports were oil revenues, Suez Canal tolls,
tourism income, and workers ' remittances from the approximate-
ly 2.5 million Egyptians working abroad. Added to these were cap-
ital grants from other Arab states after the October 1973 War and,
as well, economic and military grants from the United States and
loans from the Paris Club (the informal name for a consortium
of eighteen Western creditor nations) after the conclusion of the
1979 peace treaty with Israel.
Egypt faced a serious economic situation in the late 1980s and
early 1990s: stagnation and ultimately negative economic growth
in addition to heavy indebtedness. After two years of negotiations
with the International Monetary Fund (IMF — see Glossary), the
Egyptian government finally concluded a preliminary agreement
in October 1990 that enabled it to reschedule its US$18 billion debt
to Paris Club members. The agreement required Egypt to increase
prices of certain basic commodities such as gas, fuel oil, gasoline,
electricity, flour, and rice by eliminating or reducing subsidies.
Mandated, as well, were the devaluation and unification of the Cen-
tral Bank exchange rate and the exchange rate of commercial banks,
raising of the interest rate, and reforming of the foreign invest-
ment law. Egypt also sought to promote privatization of the in-
dustrial public sector — one of the recommendations of the World
Bank (see Glossary) — and announced in October 1990 that it would
establish nine new industrial " free zones " to encourage investment
and create more jobs. Some officials recognized that, additional-
ly, the government needed to restructure management style in the
public sector and banking to encourage greater efficiency and
productivity. Another economic problem facing Egypt was rising
About this Item
- Egypt : a country study
- Contributor Names
- Metz, Helen Chapin, 1928-
- Library of Congress. Federal Research Division.
- Created / Published
- Washington, D.C. : Federal Research Division, Library of Congress : For sale by the Supt. of Docs., U.S. G.P.O., 1991.
- Subject Headings
- - Egypt
- - "Research completed December 1990."
- - Supercedes the 1983 ed. of Egypt : a country study, edited by Richard F. Nyrop and issued by Foreign Area Studies, American University.
- - Includes bibliographical references (p. 369-391) and index.
- - Also available in digital form.
- xxxv, 428 p. : ill., maps ; 24 cm.
- Call Number/Physical Location
- DT46 .E32 1991
- Library of Congress Control Number
- Online Format
- online text
- "Research completed December 1990." Supercedes the 1983 ed. of Egypt : a country study, edited by Richard F. Nyrop and issued by Foreign Area Studies, American University. Includes bibliographical references (p. 369-391) and index. Also available in digital form.
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- Dublin Core Record
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Metz, Helen Chapin, ed. Turkey: A Country Study. Washington, DC: GPO for the Library of Congress, 1996.
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Chicago citation style:
Metz, Helen Chapin, and Library Of Congress. Federal Research Division. Egypt: A Country Study. Washington, D.C.: Federal Research Division, Library of Congress: For sale by the Supt. of Docs., U.S. G.P.O, 1991. Pdf. https://www.loc.gov/item/91029876/.
APA citation style:
Metz, H. C. & Library Of Congress. Federal Research Division. (1991) Egypt: A Country Study. Washington, D.C.: Federal Research Division, Library of Congress: For sale by the Supt. of Docs., U.S. G.P.O. [Pdf] Retrieved from the Library of Congress, https://www.loc.gov/item/91029876/.
MLA citation style:
Metz, Helen Chapin, and Library Of Congress. Federal Research Division. Egypt: A Country Study. Washington, D.C.: Federal Research Division, Library of Congress: For sale by the Supt. of Docs., U.S. G.P.O, 1991. Pdf. Retrieved from the Library of Congress, <www.loc.gov/item/91029876/>.