CAIRO // While many of the appointments to Prime Minister Essam Sharaf's new cabinet last week prompted little fanfare, one appointment that did draw immediate criticism was Hazem Beblawi, Egypt's new minister of finance.
A 74-year-old economics professor, Mr Beblawi is associated with neoliberal programmes that many in Egypt blame for cementing the corrupt government presided over by former president Hosni Mubarak.
Even before he was officially sworn in last Thursday, Mr Beblawi began making statements to the media about the shape his administration would take. The transitional cabinet is only expected to hold power until elections later this year, but economic policy has quickly turned into one of the best-articulated changes Egypt may make post-Mubarak.
One of the main issues has been the Supreme Council of the Armed Forces' (SCAF) choice to turn down an International Monetary Fund (IMF) loan negotiated by Mr Beblawi's predecessor, Samir Radwan. SCAF instead said the money needed to plug Egypt's current budget deficit would come in the form of grants and loans from Gulf States including Saudi Arabia, the UAE and Qatar.
Mr Beblawi said he would not reassess Mr Radwan's budget figures, which show a deficit of more than US$3 billion (Dh11bn) for the upcoming fiscal year. He did say he would consider taking money from the IMF, and announced the dissolution of the Ministry of Investment, which was dedicated to drawing foreign money into Egyptian companies, part of a Mubarak-era privatisation programme that is now under scrutiny. Some of the heads of state companies that underwent privatisation may face trial and have either fled the country or been barred from travel.
Reached by phone on Saturday, Mr Beblawi declined to be interviewed, and said that he would not be speaking to the media for "at least another week".
Hussein Shehata, an economist who knows Mr Beblawi, said: "He understands poverty and unemployment and the gap between wages and prices and financial corruption and the debt. Problems such as wages, unemployment, inflation and pensions need to be addressed immediately."
Foreign investment banks are likely to be wary of Egypt until at least after elections, or whenever the political situation becomes less fluid. In the meantime, many Egyptians are discussing what direction the new minister will take.
"All the American aid went to the rich people," Mr Shehata said. "We want an investment ministry that will work on small projects."
Adel Zakaria is a union organiser in Sadat City, one of the major locations of foreign investment in Egyptian manufacturing.
Workers, who began organising openly outside the auspices of the government toward the end of Mr Mubarak's rule, now hope 70-year-old laws barring independent organising will finally be struck down. They have also demanded immediate wage increases to keep up with inflation.
Mr Zakaria said: "The cabinet did pass a law allowing for independent labour unions. We are waiting for SCAF approval of the law, and this would be a historic achievement."
The IMF money has become a topic of discussion. Many Egyptians blame past IMF loans for driving speculation bubbles in banking and property and largely benefiting businesspeople with connections to Mr Mubarak's government. The IMF's offer of a "no-strings attached" loan for Egypt this year may have been less an act of generosity and more a sign of their lack of concern that Egypt would follow the parameters usually associated with IMF loans in any case.
"At the end of the day, these loans will be conditional, and the conditions will not benefit the labourer but the rich Egyptians. Any benefits to the economy are short term, later generations will have to deal with the problematic effects," Mr Zakaria said. "I think the support from the Gulf is legitimate, and it is a grant rather than a loan which is more dignified."
Abdel Hafez El Sawy, an economist who has worked with Mr Radwan, said SCAF was right to turn down the loans.
"If there was strong negotiator, I would have no problem in exploring loans from the [World Bank] or IMF. The economy is working, there are some obstacles to the sectors of tourism and real estate, which was already suffering before the revolution. Tourism is down, and will improve when a new government is place and things are more stable politically. I am optimistic about Egypt's economic future."
foreign.desk@thenational.ae
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Royal Birkdale Golf Course
Location: Southport, Merseyside, England
Established: 1889
Type: Private
Total holes: 18
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MATCH INFO
First Test at Barbados
West Indies won by 381 runs
Second Test at Antigua
West Indies won by 10 wickets
Third Test at St Lucia
February 9-13
What is Bitcoin?
Bitcoin is the most popular virtual currency in the world. It was created in 2009 as a new way of paying for things that would not be subject to central banks that are capable of devaluing currency. A Bitcoin itself is essentially a line of computer code. It's signed digitally when it goes from one owner to another. There are sustainability concerns around the cryptocurrency, which stem from the process of "mining" that is central to its existence.
The "miners" use computers to make complex calculations that verify transactions in Bitcoin. This uses a tremendous amount of energy via computers and server farms all over the world, which has given rise to concerns about the amount of fossil fuel-dependent electricity used to power the computers.
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How they line up for Sunday's Australian Grand Prix
1 Lewis Hamilton, Mercedes
2 Kimi Raikkonen, Ferrari
3 Sebastian Vettel, Ferrari
4 Max Verstappen, Red Bull
5 Kevin Magnussen, Haas
6 Romain Grosjean, Haas
7 Nico Hulkenberg, Renault
*8 Daniel Ricciardo, Red Bull
9 Carlos Sainz, Renault
10 Valtteri Bottas, Mercedes
11 Fernando Alonso, McLaren
12 Stoffel Vandoorne, McLaren
13 Sergio Perez, Force India
14 Lance Stroll, Williams
15 Esteban Ocon, Force India
16 Brendon Hartley, Toro Rosso
17 Marcus Ericsson, Sauber
18 Charles Leclerc, Sauber
19 Sergey Sirotkin, Williams
20 Pierre Gasly, Toro Rosso
* Daniel Ricciardo qualified fifth but had a three-place grid penalty for speeding in red flag conditions during practice
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
'The Last Days of Ptolemy Grey'
Rating: 3/5
Directors: Ramin Bahrani, Debbie Allen, Hanelle Culpepper, Guillermo Navarro
Writers: Walter Mosley
Stars: Samuel L Jackson, Dominique Fishback, Walton Goggins
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Best Academy: Ajax and Benfica
Best Agent: Jorge Mendes
Best Club : Liverpool
Best Coach: Jurgen Klopp (Liverpool)
Best Goalkeeper: Alisson Becker
Best Men’s Player: Cristiano Ronaldo
Best Partnership of the Year Award by SportBusiness: Manchester City and SAP
Best Referee: Stephanie Frappart
Best Revelation Player: Joao Felix (Atletico Madrid and Portugal)
Best Sporting Director: Andrea Berta (Atletico Madrid)
Best Women's Player: Lucy Bronze
Best Young Arab Player: Achraf Hakimi
Kooora – Best Arab Club: Al Hilal (Saudi Arabia)
Kooora – Best Arab Player: Abderrazak Hamdallah (Al-Nassr FC, Saudi Arabia)
Player Career Award: Miralem Pjanic and Ryan Giggs