It is evident that external rather than local factors, played a pivotal role in the recent financial breakthrough that sent shockwaves through Egypt’s economic community.
I think that Egypt’s future economic trajectory necessitates the collaboration of a skilled team of Egyptian economists and financiers. This team would be entrusted with formulating comprehensive strategies to manage the economy, ensuring both competitiveness and stability for the nation. Their focus, moreover, should extend beyond short-term gains, emphasising sustainable development as a fundamental goal.
Despite miraculously overcoming the foreign exchange gap crisis, the country continues to rely on ‘temporary solutions’ and requires robust economic plans to ensure sustainable growth and development
Therefore, I believe that the state should begin immediately to form an economic and financial advisory body comprising prominent Egyptian individuals in the various investment, financial, production, and service sectors.
This idea represents an innovative approach that allows the involvement of talented individuals who have created global achievements. They can share their experiences and relationships in developing a robust economy with a global perspective, enabling the country to benefit from regional and international financial support and transform it from a temporary stimulus to long-term economic reform.
I propose that this advisory body take responsibility for developing the state’s economic and financial plans for the next 30 to 50 years. This approach ensures the sustainability of reform policies, regardless of changes in political regimes, executive authorities, or legislation.
Simultaneously, this body is aimed to achieve rapid results and implement short-term plans to leverage the international support for Egypt, ensuring that existing resources contribute to building self-financing mechanism.
In my view, the plans proposed by this body should undergo parliamentary debate, with the executive authority held accountable for their implementation
The role of the recommended advisory body should include monitoring the executive authority’s implementation of the plans, establishing timelines for each stage, and assessing the achievement of the goals while raising alerts if there is a deviation from the reform path.
Timing is critical at this stage in the nation’s history. The opportunity to seize the current international and regional aid package, in addition to the availability of competitive state-owned projects for sale, presents exceptional opportunities. However, these are not sustainable sources of income resulting from sustainable investment. Therefore, identifying urgent, transformative solutions under favorable conditions provides a secure transition, safeguarding the country from similar crises, and enabling lasting stability without future fluctuations.
Therefore, the urgency of addressing the current crisis necessitates the adoption of unconventional solutions, demanding swift decision-making and implementation regarding the proposed advisory body.
Upon implementation of the proposal, numerous experienced Egyptian professionals will be involved. Below, I suggest a group of individuals with outstanding experience, including those who have managed their own institutions or led major entities, individuals who have previously held positions within the state or international institutions. Their expertise, ideas, and solutions can enhance the competitiveness of the Egyptian economy.
I am confident that the nation possesses extensive lists of highly distinguished Egyptian professionals across various fields.
I reiterate that these names represent only a fraction of the whole. The Egyptian economy stands to gain from their expertise at this juncture. In our upcoming articles, we will further highlight notable Egyptian figures, including influential female professionals.
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