197 Articles
On 11 August, the International Monetary Fund (IMF) announced that it had reached an initial agreement with Egypt to lend the country $12bn over a three-year period, joining Iraq, Tunisia, and Jordan in taking money from the Washington-based fund. Egypt’s programme is likely to see the government of President Abdel Fattah Al-Sisi move toward a …
When the government announced two years ago its hope to cut electricity and petroleum subsidies, it did not provide any programme to protect the poor from the harm it would cause them due to the inevitable price increases. Even when it said that the money saved from cutting subsidies would be used to improve living …
The electricity price increase announced by Minister of Electricity and Renewable Energy Mohamed Shaker in early August has been met with varied responses from investors and businessmen. Some have accepted it, some have refused it, but all have acknowledged that this increase will raise production costs for every product manufactured in Egypt. “It’s a bitter …
After another increase in electricity prices, citizens appear to not be receptive to this new measure at all, especially as the majority of them have not seen any increases in their salaries in the meantime. Some may save some money by cutting unnecessary habits, others could rationalise energy consumption. Daily News Egypt asked people on …
Poverty in Egypt will increase throughout the year, as the government did not use the incoming foreign currency to create jobs, according to Aliaa Mamdouh, a former economist at CI Capital Investment Bank. The current economic and social conditions in Egypt are projected to increase the poverty rate in the coming years. The government appears …
Corruption creates poverty with Upper Egypt being the most affected
Manufacturers rely on the informal market for US dollars, and securing 25% of industrial sector needs would stabilise US dollar exchange rates
Egypt’s core inflation rate climbed to its highest level in seven years in June, underscoring the challenges confronting the government as it grapples with a foreign-currency crunch. Annual core inflation, which excludes volatile items such as food, reached 12.3% in June, up from 12.23% in May and the highest since February 2009, according to the …
The devaluation of the Egyptian pound against the US dollar is one of the biggest reasons behind the price increase, but not the sole reason
Current pace of borrowing will drive external debt over safe limits within two years; the government lost $100bn of investments at Sharm El-Sheikh conference, says Prime Holding economist
Poor financial planning, using loans in the wrong projects are the largest external debt problems
The minister should not have the authority to interfere with every little detail in every school in Egypt, says Al Kalla
The government should encourage private sector investment, as such investment could save the government over EGP 20bn, says Badawy Alam
Cabinet is currently reconsidering the purchase of renewable energy equipment from the private sectorÂ
Energy purchasing tariff is not appropriate, and small and medium projects should be priority, according to new and renewable energy companies
The decision includes increasing prices of 70% of local and imported medicines
A 20% increase is not enough as it should be closer to 50%, says head of federation’s drug section
Pharmaceutical companies manipulated the description of the content of their products to benefit from the decision of the prices increase
