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Globalization Challenges to Egypt’s Production Sectorsexpansion of domestic credit could createmany shortfalls in the banking sector. Also,increasing government debts to the bankingsector might cause other problems, not onlyto banks, but also to macroeconomicperformance in general. Although theeconomy is facing a slowdown in economicactivities, it is argued that counter-cyclicalmonetary policy might help in developingcountries. For that reason, a temporary tightmonetary policy with higher interest ratesmight ease the pressure on the externalposition. However, this has a negativeimpact on the growth of the real sector. TheCBE is also required to focus onintroducing more measures that target notonly a better quality of bank lending butalso decreasing the cost of lending.Controlling private sector credit growthrates and government borrowing is alsoimportant in the authorities’ efforts tocontrol inflation.In addition, a continuous and closemanagement of bank reserves is essentialduring the coming period. Reportingoperations should be used on an overnight,in addition to weekly, basis to control bankliquidity. The CBE should be able topossess tradable financial instruments toenable it to perform open market operationsthat help achieve the stability of thefinancial system.Fiscal Policy Options. Expansionary fiscalpolicy is recommended during recessions.Investment expenditure on projects andpublic works can be financed by concessionaryforeign borrowing, as long as the overallexternal debt does not exceed safe limits.Counter-cyclical fiscal policy is also aviable policy option.Inflation Avoidance. Fiscal deficitfinancing should not reflect itself in M2 andreserve money growth rates. Financing thetargeted deficit should come from domesticsavings, in addition to the externalfinancing mentioned above, to avoidinflationary pressures. A moderate rate ofinflation might help private sector earningsand might, accordingly, enhance performance.The depreciation of the exchange rate of theEgyptian pound on is expected to impact oninflation since the value of imports exceedsexport earnings.Strengthening the Financial Sector. Thereis a need for bank restructuring. This can bedone by encouraging mergers and acquisitionsand by increasing the minimum capitalrequirements of the banking sector. Thelatter should be introduced for a limitedperiod of time.Strengthening CBE supervision over banksis essential at all times. CBE institutionalcapacity must be reviewed to increase itsinspection capacity and surveillance overthe banking sector. Measures could include:increasing the number and quality of staff ofthe supervisory department; increasing thefrequency of on-site inspections; off-sitesupervision enhancement by automation;working on line with banks; and enhancingreporting system quality and frequency.There may be a need for law amendment toenforce the quality and responsibility ofreporters. It is essential to introduce earlywarning system indicators. Reducing the actof forbearance and strengthening theinformation base by means of disclosureand transparency is a cornerstone for abetter banking sector in Egypt.The creation of supporting agenciesresponsible for collecting information,valuation of assets, and for financial advisoryservices is important as a necessarymechanism for the better functioning of thebanking sector.From the policy perspective, protectingdeposits (via enforcing the articles of thebanking law to introduce the depositinsurance system) and the creation of apolicy to avoid risky credit expansion(asset/liability management, avoiding maturitymismatching, and reducing the cap onlending to a single customer, currently set at30%) are essential.In addition to the above, it is important tocreate a market for long-term bankinvestments. This can be done by issuinggovernment LT treasury bonds, freeinginterest rates on government treasury billsand introducing a primary dealers system.These actions might also help, indirectly, incontrolling the growth of lending rates.Strengthening the Egyptian financial sectoris a priority for policy makers before deeperintegration into the global financial systembecomes unavoidable.Controlling privatesector credit growthrates and governmentborrowing is alsoimportant in theauthorities’ efforts tocontrol inflation.Strengthening theEgyptian financialsector is a priority forpolicy makers beforedeeper integration intothe global financialsystem becomesunavoidable.Egypt Human Development Report 2000/2001 - 63
Chapter FourThe Environment and Sustainable DevelopmentIt is generallyaccepted thatglobalization willincreasingly affectthe environmentaround the world.The Nile Delta isthreatened with risingsea levels due to themelting of polar icecaps.Ideas and concepts, culture and society,capital and finance – together, these providethe elements according to which space canbe organized and environments created.They set the conditions within whichplanners work to produce an environmentconducive to sustainable human development.The intellectual challenge is to construct aconceptual framework that is clear andconsistent, and able to clearly pimpoint theissues and goals, so that decision-making inthe planning and development process ispredicated on a sound understanding. Theimpact of increasing globalization on theEgyptian environment, with respect toEgypt’s spatial, material, and humanresources is a question that relates directlyto planning success or failure. What is therole of planners, both urban and rural, giventhe potential impact of globalization? Andhere, it is important to differentiate betweenthe production and consumption processesin which individuals and organizations areengaged, and the contexts and structures inwhich these processes take place.Impact of Global EnvironmentalIssues on EgyptIt is generally accepted that globalizationwill increasingly affect the environmentaround the world. How will these changesimpact on Egypt? This section will discussthree major areas of concern: climatechange; ozone layer depletion; and someaspects of biodiversity.Climate ChangeClimate change is potentially a most seriousenvironmental threat to human survival. Itcan cause a variety of major alterations inclimatic behaviour, including changes inprecipitation patterns, wind currents andstorms; it can elevate temperatures and raisesea levels, and it can contribute to thespread of disease.Increased emissions of greenhouse gases(GHG) such as carbon dioxide, methane,and nitrous oxide, have the ability to absorbheat emanating from the Earth to theatmosphere, and are among some of theelements responsible for climate change.Carbon dioxide emissions come mainlyfrom the consumption of fossil fuels.Deforestation and land-use changes alsoincrease carbon dioxide levels in theatmosphere. The evidence shows that thepre-industrial concentration of carbon dioxidein the atmosphere was 280 particles permillion, and that this has now risen to about358 particles per million.Egypt’s current emission rates are consideredmoderate (about one metric ton per capita in1996) compared to the USA and Australia(15 metric tons per capita for the sameyear). Industrial nations such as these andalso oil producing countries such as SaudiArabia, resist the idea of changing fossilfuel consumption patterns to reduce carbondioxide emissions. But while most carbondioxide emissions originate in the developedcountries, the consequences of climatechange would touch all the countries of theworld. Unfortunately, the effects are likelyto hit poor countries harder than rich ones.Taking Egypt as an example, the Nile Deltais threatened with rising sea levels due tothe melting of polar ice caps. Variousscenarios estimate that one third of the Deltawill be inundated if the sea level rises by0.5-1.00 meters. Additionally, seawater willseep into the remaining parts of the Deltaand cause salinization of its soils. Evenmore alarming are the changes predicted forthe hydrological regime of the Nile, whichcould contribute to desertification anddrought.An equally serious threat associated withclimate change is the expected surge indiseases as the Earth’s atmosphere heats up.More floods and droughts create the conditionsnecessary for the spread of infectious64 -Egypt Human Development Report 2000/2001
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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
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Globalization and Human Development
Page 28 and 29: 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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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.12 Educatio
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