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.
Egyptian President Abdel Fattah al-Sisi and Jordan’s King Abdullah have firmly rejected recent proposals from U.S. President Donald
Egypt has returned to the international debt market with its first U.S. dollar-denominated bond issuance in nearly two years,
Amnesty International has accused the Egyptian government of escalating arbitrary arrests and politically motivated investigations as it defends its human
U.S. Secretary of State Marco Rubio urged Egypt’s Foreign Minister Badr Abdelatty on Wednesday of the critical need
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