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Morsi rules out imposing tax on Egypt's poor

By Marwa Awadand Patrick Werr in Cairo | China Daily | Updated: 2012-08-29 07:28

Egypt's new president said on Monday he would not impose new taxes or devalue the country's currency and that his government would rely instead on investment, tourism and exports to fix an economy ravaged by a year and a half of political turmoil.

Mohamed Morsi, 61, has a window of opportunity to push through economic change while he still commands political goodwill 50 days into his tenure as Egypt's first freely elected president, economists say.

Yet he must tread carefully to avoid angering a population that rose up to oust Hosni Mubarak last year partly because of high inflation and the widespread belief that the fast economic growth in the last years of the former president's rule was not reaching the poor.

Morsi rules out imposing tax on Egypt's poor

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