Influences on Business Journalists in Egypt During IMF-Backed Economic Adjustments of 2016-2019 [Master's Thesis, the American University in Cairo]

American University in Cairo AUC Knowledge Fountain Theses and Dissertations Student Research Fall 6-9-2021 Influences on Business Journalists in gyptE During IMF-backed Economic Adjustments of 2016-2019 Tamim Salman [email protected] Follow this and additional works at: https://fount.aucegypt.edu/etds Part of the Journalism Studies Commons, and the Mass Communication Commons Recommended Citation APA Citation Salman, T. (2021).Influences on Business Journalists in Egypt During IMF-backed Economic Adjustments of 2016-2019 [Master's Thesis, the American University in Cairo]. AUC Knowledge Fountain. https://fount.aucegypt.edu/etds/1528 MLA Citation Salman, Tamim. Influences on Business Journalists in Egypt During IMF-backed Economic Adjustments of 2016-2019. 2021. American University in Cairo, Master's Thesis. AUC Knowledge Fountain. https://fount.aucegypt.edu/etds/1528 This Master's Thesis is brought to you for free and open access by the Student Research at AUC Knowledge Fountain. It has been accepted for inclusion in Theses and Dissertations by an authorized administrator of AUC Knowledge Fountain. For more information, please contact [email protected]. The American University in Cairo School of Global Affairs and Public Policy INFLUENCES ON BUSINESS JOURNALISTS IN EGYPT DURING IMF-BACKED ECONOMIC ADJUSTMENTS OF 2016-2019 A Thesis submitted to the Public Policy and Administration Department In partial fulfilment of the requirements for the degree of Master of Public Policy By Tamim Salman Fall 20 1 1 ACKNOWLEDGMENTS To my wife, my father and mother, my family, friends, and colleagues….to all honest journalists out there seeking truth and fairness. 2 2 Table of Contents I. Introduction ..........................................................................................................................6 A. Background ......................................................................................................................9 1. The decisions of November 2016 and their impact on the economy ................................. 9 2. The operating environment of media in Egypt .............................................................. 13 3. The development of business media in Egypt ................................................................ 15 B. Research questions .......................................................................................................... 17 II. Theoretical framework ....................................................................................................... 18 III. Literature review .............................................................................................................. 25 1. The use of sources ........................................................................................................ 26 2. Time and organizational pressure ................................................................................ 28 3. Journalists' perceived role and ideology ....................................................................... 29 A. Framing of economic crises by business media ................................................................ 30 B. Literature on Egyptian journalism .................................................................................. 34 C. Democracy and media ..................................................................................................... 37 IV. Methodology ..................................................................................................................... 39 A. Limitations ..................................................................................................................... 42 V. Qualitative data from field interviews ................................................................................. 43 A. Fear: The impact of political control on coverage ............................................................ 43 B. Conformity: the influence of the market's technical sway ................................................ 55 C. Dual allegiance: the critical influence of advertising ........................................................ 66 D. Fragmented work: how work routines influenced coverage? ........................................... 73 E. The marginal business page ............................................................................................. 79 VI. Conclusion ........................................................................................................................ 85 A. Recommendations ........................................................................................................... 90 B. Future research ............................................................................................................... 91 VII. References ....................................................................................................................... 92 3 3 List of Acronyms IMF International Monetary Fund CBE Central Bank of Egypt ERSAP Economic Reform and Structural Adjustment Program GDP Gross Domestic Product CAPMAS Central Agency for Public Mobilization and Statistics RSF Reporters sans frontiers (Reporters Without Borders) 4 4 The American University in Cairo School of Global Affairs and Public Policy Department of Public Policy and Administration INFLUENCES ON BUSINESS JOURNALISTS IN EGYPT DURING IMF-BACKED ECONOMIC ADJUSTMENTS OF 2016-2019 Tamim Salman Supervised by Professor Ghada Barsoum Abstract The economic adjustments that Egypt implemented as part of an IMF-backed program between 2016 and 2019 were a milestone event in the country's economic history. Business journalism was an important part of it as people, policymakers and businesses tried to grasp the developments. Using qualitative in-depth interviews with business journalists and editors, this study attempts to examine the various influences experienced by journalists that affected their framing of news and the quality and type of coverage. The study argues that journalists came under the influence of political pressure and media controls, as well as the technical allure of market sources which helped unify narrative and suppress diverse opinions. The study also shows that although political pressures were an important determinant of coverage, it was not the only major form of pressure. Structural factors that have to do with business models and working routines of media outlets helped trim the narrative and censor alternative perspectives. The study highlights the importance of a review of media regulations and communication policies that would ensure a fair and valuable coverage in the future that is helpful to the audience. Keywords: Economy, IMF, Media, Frame building 5 5 I. Introduction When Egypt carried on major economic transformations between 2016 and 2019, business journalism rose to prominence as attention turned toward the economy following years of political turbulence. In November 2016, the Egyptian government embarked on a major program of intense economic adjustments in coordination and collaboration with the International Monetary Fund (IMF) as part of an extended fund facility worth $12 billion (IMF, 2016). The program entailed liberalizing the exchange rate, cutting subsidies, and eliminating them in some cases and undertaking fiscal procedures to control the budget like introducing new taxes and increasing others (IMF, 2019). Egypt was talking economy. News about the currency, budget, taxes, interest rates, inflation and loans dominated the frontpages of newspapers. Egyptians tried to understand the developments that battered their purchasing powers and cut their savings to half. The business community, meanwhile, sought critical information after regaining their appetite for investment as the country became a star in the world economy and a darling for foreign investors in hot money – investments in stocks and other financial instruments that are easy and quick to exit as compared to longer term investments. The intensity of the event and its local and international relevance provide an opportunity to take a deeper look at business journalism in Egypt as an example of a country going through major economic transformations within a controlled-media environment. The study thus seeks to examine what influences were salient on media coverage more than others, the culture and work values of business journalists and how did the journalist-source negotiations take place as well as those between journalists and their organizations, reflecting on the stories published. The study also seeks to document how did journalists make sense of the developments and why did they present them the way they did. The study shall contribute 6 6 to understanding the experience of business journalism outside free-market liberal democracies (Fukuyama, 2006). The study argues that Egyptian journalists came under pressure from the political power of official sources and the technical allure of market sources, which helped unify the narrative during the coverage to defend the economic decisions and deprived the audience from a diversified evaluation of policy options. However, this domination fed on structural organizational and professional norms and challenges, limiting journalists' capabilities to evaluate narratives communicated to them. The study argues that there is a need to review communication strategies and regulations governing advertisements in the media to prevent abuse of power by denying access to information or

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