As economic crisis deepens, will Egypt slow megaprojects down?
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Loading... - Martisse Bertin
- 19 Jan 2023
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The IMF announced an ambitious reform programme for Egypt’s economy, but analysts cast doubt on its effectiveness.
The Egyptian economy is struggling.
The national currency has lost nearly half its value in less than a year, reaching a historic low of 32 Egyptian pounds to the dollar last week, before bouncing back slightly.
Annual inflation has soared to more than 20 percent and grocery stores are visibly becoming more empty.
Many imported products are not available any more, and basic foods, such as eggs and cooking oil, have doubled in price.
No wonder the pound’s collapse and rising prices are the talk of the day in Egypt.
“The country is in free fall,” said a customer at a popular street café in Cairo. In private, many Egyptians point fingers at President Abdel Fattah el-Sisi as responsible for the crisis.
Efforts to mitigate the situation have exacerbated, at least temporarily, the problem.
Egypt’s government last week agreed to move to a flexible exchange rate, privatise state-owned enterprises, and slow down public investment in national projects, the International Monetary Fund (IMF) announced. Read More…
