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Globalization Challenges to Egypt’s Production Sectors(Period ended December 1996)Macro IndicatorsInflation > 5%Fiscal deficit > 2% of GDPPublic debt > 50% of GDPCurrent account deficit > 5% of GDPShort-term flows (net portfolio & other investment) >50% current account deficitCapital inflows > 5% of GDPRatio of short-term debt to international reserves > 1Table (3.17)Selected Indicators of Vulnerabilities.Indonesia***Korea Malaysia Philippiens Thailand**************Financial Sector IndicatorRecent financial sector liberalization****Recent capital account liberalization*Credit to private sector > 100% of GDP****Credit to private sector, real growth > 20%*Emphasis on collateral when making loans***Estimated share of bank lending to the real estate****sector > 20%Stock of nonperforming loans > 10% of total loansStock market capitalization (% of GDP)40303109856Nonetheless, it is within the realm ofeconomic management and governance thatcontrolling for the degree of exposurematters most. After all, it is theresponsibility of this management to dealwith these shocks in order to minimize theirnegative consequences, while at the sametime maximizing the benefits. This calls for:External position strengthening. Defendinga fixed exchange rate is not the only optionavailable for policy makers. Marketpressure should not be absorbed by usingNIR without allowing for reflection on theexchange rate. Fixing the exchange rate ofthe Egyptian pound should not be a goal initself since most of the countries thatdefended the fixed rate using theirinternational foreign exchange reserveswere faced with currency attacks andspeculative demand. Moving towards amore liberal exchange rate policy will help:reduce the local demand for dollarization ofdeposits, the dedollarization of loans; andwill reduce expectations for furtherdevaluation. It will also create confidencethat the economic policies adopted by theauthorities are more market oriented.Timely actions are always recommended.To increase the earnings of the economy,the authorities should work on attractingFDI through the privatization of publiclyowned enterprises and allowing foreignfinancing for public investment projects.Some foreign concessional borrowing mightbe helpful in the present stage to continuethe development efforts, without addingmore pressure on local financing.To avoid the tendency to increaseshort-term borrowing by banks andcorporations, the CBE should work onrestricting the ability of banks to increaseEgypt Human Development Report 2000/2001 - 61
Globalization Challenges to Egypt’s Production Sectorsshort-term liabilities in foreign currencies.This can be done either by applying higherreserve ratios on bank liquid liabilitiesdenominated in foreign currencies owedeither to locals or to foreigners, or to set atargeted growth rate for bank short-termforeign liabilities.In managing the country’s foreign debt,monitoring private sector borrowing andshort-term obligations is an importantpolicy objective at all times. Introducinglegislation to monitor corporate borrowingis a good tool for hedging sources and usesin foreign currencies.The long-term solution to balance ofpayment problems lies in the ability tocontrol the growth rate of imports and toenhance the opportunities for more exports.Controlling Monetary Aggregates. TheTable (3A.1)The Plan of Agricultural Horizontal Land Expansion up to the year 2017RegionEastern DeltaMiddle DeltaWestern DeltaSinaiMisr El WastaUpper EgyptEl WahaatSouth ov ValleyTotalTotal Area46412234872488.8531.5252868.53398.8Annex TablesArea Irrigated1064964.523.5115055.74363.7Area to be irrigated by 2017Area % of Total35873238.5700.577.8481.5196.3864.53035.177.159.8468.5396.7587.6190.5977.999.5489.3Table (3A.2)Water Requirements and Water Resources Available in 2017Requirements1997 billion cubic meters 2017 billion cubic metersAgricultureEvaporationCivil usesIndustryNavigationTotalWater available from NileJongly CanalUnderground water in the Delta & ValleyRecycling drainage waterReducing water lost to seaManagement of cropping patternSaving water by irrigation managementUnderground aquifer in desertsTreated sewage waterRain on the North CoastTotal52.132.104.547.420.1566.3455.50-4.804.900.15-0.150.570.201.0067.2767.132.36.610.570.1586.7455.52.007.508.403.043.772.01.5087.6762 -Egypt Human Development Report 2000/2001
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This report is the major output of
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AcknowledgementsThe Team of the Rep
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Table of ContentsExecutive Summary
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Energy Consumption 68Agriculture 69
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2.4 Health and Education 332.5 Poli
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AbbreviationsADNAADPAIAPRARCB2CBABC
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Executive SummaryI - Globalization
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Executive Summarythe main source of
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Executive Summaryfertilizers, pesti
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Executive Summarythe Egyptian labor
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Chapter OneGlobalization and Human
Page 26 and 27: Globalization and Human Development
Page 40 and 41: Chapter TwoThe Economic Well Being
Page 42 and 43: The Economic Well Being of Egyptian
Page 58 and 59: Globalization Challenges to Egypt
Page 80 and 81: The Environment and Sustainable Dev
Page 88: The Environment and Sustainable Dev
Page 93 and 94: Chapter FiveEgypt’s Position inTe
Page 95 and 96: Egypt’s Position in Technology an
Page 109 and 110: Chapter SixGlobalization and Human
Page 111 and 112: Globalization and Human CapitalOf t
Page 113 and 114: Globalization and Human CapitalOne
Page 115 and 116: Globalization and Human CapitalThe
Page 117 and 118: Globalization and Human CapitalEmpl
Page 119 and 120: Chapter SevenEgypt’s Social Capit
Page 121 and 122: Egypt’s Social Capital and Arab E
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Egypt’s Social Capital and Arab E
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Egypt’s Social Capital and Arab E
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Technical Notesand Sources of DataH
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Technical Notes and Sources of Data
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Bibliography◆ Abdallah, H. (1996)
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BibliographyOECD Development Centre
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BibliographyNational policies in a
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Bibliography◆ Springborg,Robert (
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Governorate IndicatorsG.4 Trends in
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Governorate IndicatorsG.6 Status of
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Governorate IndicatorsG.8 Rural-urb
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Governorate IndicatorsG.10 Health p
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Governorate IndicatorsG.12 Educatio
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Governorate IndicatorsG.14 Labor fo
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Governorate IndicatorsG.16 Income d
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Governorate IndicatorsG.18 Demograp
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