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.
Morocco's Economy and Finance Minister, Nadia Fettah Alaoui, announced on Thursday that the country's economy is
According to reporting by Reuters unofficial Libyan banknotes have been exchanged for real dollars and have subsequently contributed to the
Egypt has announced a 15-percent increase in petrol prices, which will come into effect on Friday, as part of a
Egyptian officials convened on Tuesday to discuss the nation’s detention policies, according to human rights lawyers and groups cited
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