In a bustling café in downtown Cairo, a young man throws his hands in the air in despair after he converts the price of a plane ticket to Germany from euros to Egyptian Pounds.
Like public finances elsewhere, the public finances of the Egyptian state suffer from a semi-permanent deficit. Although a limited deficit in state budgets is acceptable for most prevailing economic theories, the persistent and worsening deficit in public budgets leads to severe phases during which the economy suffers.
Under a bill put together by the Cabinet and currently under review in the House of Representatives, billions of pounds worth of money and assets confiscated by the state could soon be transferred to a new entity that judicial sources and lawmakers told Mada Masr would distance the funds from …
As Egyptian President Abdel-Fattah al-Sisi blamed the media for reporting about the public’s inability to survive amid the current economic crisis and a rapidly devaluing Egyptian pound against the US dollar, low and middle-income households have found it almost impossible to meet their basic needs.
The 25 January marks the 12-year anniversary of the Egyptian contribution to the Arab Spring, an 18-day national uprising that led to the ousting of 30-year dictator Hosni Mubarak.
At the time when the government of President Abdel-Fattah Al Sisi’s government has been selling Egypt’s assets to Gulf countries in a bid to survive amid the economic crisis, the country’s supreme court ruled that citizens cannot legally challenge any deals made between the state and any other entity.
Egypt is currently facing a severe economic crisis, as the Egyptian pound has lost half of its value since March of last year, and inflation has jumped to 24.4 percent according to official figures.
After more than half a year in the making, Egypt’s President Abdel Fattah al-Sisi finally approved at the end of December a strategic program drawn up by the government that sets out the economic sectors from which the state plans to withdraw in the coming years, and those in which …
On the morning of January 11, it seemed that the moment of truth had arrived. The pound witnessed an unprecedented fall in value against the dollar. In three hours, the price of the dollar went from LE27.6 to LE32. The long awaited floatation was finally happening. Many waited for the …
As the Egyptian economy falters, Sisi is turning to the Chinese government for support.