Egypt’s Prime Minister Sharif Isma’il this week unveiled details of a wide-ranging three-year (July 2016-June 2019) development plan to revive the economy. Cairo is looking to cut the budget deficit to 8-9% of GDP by the end of the decade from current 11.5%, as it looks to curb public debt which has spiraled to 93.7% of GDP from 79% six years ago.

“The current situation requires all of us to work hard and place the country’s interest above other...