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In the Name of God بسم الله

Egypt Socio-Economic & Political Situation

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Haji 2003

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Not looking good

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The Egyptian pound has halved in value against the dollar, falling from E£15.8 to the US currency in March 2022 to E£30.5 this week.

Annual urban inflation stood at 25.8 per cent in January, its highest level in five years. Annual food price inflation in urban areas soared 48 per cent in January.

The government has postponed electricity price increases and expanded social protection programmes to cover almost a quarter of the population to mitigate the effects of inflation.

https://www.ft.com/content/13286c00-e0ca-46d7-92d5-83319372cbde

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Bailed out by the Emiratis

Note the rationale below. The real reason is that they don't want the Muslim Brotherhood to come back.

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Gulf states have provided vital financial support to Egypt in recent years because they fear the economic collapse of such a large country would further destabilise the region.

https://www.ft.com/content/bee16520-abf1-45c5-90c1-00128fe9f426

 

And the latest injection could be the down payment for taking in the Palestinians from Rafah.

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Abu Dhabi has agreed to invest $35bn in a large development site on Egypt’s northwestern Mediterranean coast in a move that could ease a financial crisis in the country of around 110mn people.

 

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