On Wednesday, Egypt finalized an extended $8 billion plan with the International Monetary Fund (IMF). It also declared its intention to permit the exchange rate to be dictated by market forces, a step aimed at fostering economic stability.
In the past two years, a severe dollar shortage has stifled imports, leading to port delays and adversely affecting local industries.
The consequence has been a rapid increase in prices for essential foods, surpassing headline inflation, which soared to a record 38% in September.
According to Reuters, economic growth has decelerated, and many Egyptians report a decline in their standard of living. The repayment burden on foreign debt has become burdensome, exacerbated by rising interest rates and a weakening currency, consuming more than 45% of total revenue in the fiscal year ending in June 2023.
This has significantly impacted Egyptians, with pre-COVID figures indicating around 30 percent in poverty. Analysts now estimate that about 60 percent of Egypt's 106 million citizens are below or near the poverty line.
Hundreds of thousands of Syrians who fled to Egypt during the civil war are now facing growing uncertainty following the
Interpol has issued a Yellow Alert (missing persons notice) for two young Irish boys abducted by their Egyptian father, BBC
Egyptian authorities have arrested two men accused of attempting to steal hundreds of ancient artifacts from the seabed, CNN reports.
The US has greenlit arms sales exceeding $5.5 billion to Egypt and Morocco to enhance their defense capabilities and
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