Economic liberalization and the implementation of the
Structural Adjustment Programmes under Mubarak (since 1981)
Mubarak, unlike his predecessors, introduced no spectacular new concepts
in foreign or home affairs or in the economy. He continued what had proved
successful under them, but he also had to bear the burden of the problems
brought about by the policies they had propagated. He followed Sadat’s policy
of good relations with the Western countries, on whom Egypt now depended
economically. He liquidated those Islamic banks and investment companies
that had been engaged in fraud. He dealt cautiously with the Islamists at first,
but started cracking down on them after they tried to kill him and members
of his government. Within the two first decades of his rule, four Five-Year
Plans for restructuring the economy were introduced. Some of their aims
have been fulfilled.