A row has been triggered this week in Egypt after a senior tax authority official said that the government imposes an income tax on drug trafficking, arms trade and prostitution if law violators have been arrested.

In late June, the St. Regis Hotel, owned by the Qatari Diar Company, opened its doors on the Nile Corniche in Cairo to guests, 12 years after the Qatari company had acquired the land of the project.

Over the past few weeks, Egypt’s foreign debt reached record numbers, after obtaining loans worth about $7.9 billion from the International Monetary Fund (IMF) under two different agreements, in addition to selling $5 billion worth of Egyptian bonds abroad.

Egyptians who demonstrated in support of Abdel Fattah al-Sisi’s coup in the summer of 2013 likely expected, at a minimum, increased political freedom and an improved economic situation.

Egypt will increase electricity prices in July by up to 19.1 percent according to a plan to gradually lift all energy subsidies by July 2021, Mohamed Shaker, Minister of Electricity and Renewable Energy, announced on Tuesday.

Egypt lost LE 123 billion of revenues during the past three months due to coronavirus, according to Minister of Finance Mohamed Ma’it.

An IMF team has agreed on a one-year, $5.2 billion financing package for Egypt to help the country alleviate the economic impact of the Covid-19 pandemic, the fund announced Friday.

Egypt’s cabinet approved a draft law on Wednesday that would see public sector salaries cut by one percent starting in July for a duration of 12 months.

Egyptian Prime Minister Mustafa Madbouli yesterday ordered his cabinet ministers to put together an austerity plan in order to deal with economic and financial consequences of the outbreak of the coronavirus, Anadolu reported.

Youssef, a Sudanese refugee in Cairo, laments over the fact that he has just been laid off from his job at a cafe. His children, who previously attended public school, now do not have the means to attend the virtual classes being held as they have no access to a …