Economy news

Final Issue: How one Egyptian family struggles to make ends meet amid harsh conditions

With the deteriorating economic situation and constant increase in prices, families are struggling to make do with their own resources.
25 Apr 2013
This piece was written for Egypt Independent's final weekly print edition, which was banned from going to press. We offer you our 50th and final edition here. Mohamed Abdel Barr starts his day at 4 am, when he wakes up for the dawn...
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Egypt to issue schedule next month for gradual fuel subsidy cuts

Egyptians queue with their cars at a petrol station, Cairo, January 16, 2012 amid fears of an oil shortage.
24 Apr 2013
Egypt aims next month to issue a schedule of gradual rises in the subsidised prices various industries pay for fuel, to bring them near to world levels in four years, its trade and industry minister said. A reduction in energy subsidies...
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Borsa struggles under heavy hand of government

24 Apr 2013
Egyptian fund manager Mohamed Ayad watched his clients lose money for months until he himself became a victim of the stock market's slump. "I was fired with many others when trading volumes went down," said Ayad, a man in...
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Egypt wants bigger share in future oil, gas contracts

Greater oil rig in the world spanning the Suez Canal in May 2008 came from the Dubai was going to Norway
24 Apr 2013
Egypt will seek a bigger share of production in future oil and gas exploration contracts signed with foreign companies, its petroleum minister said in remarks published Wednesday. In remarks to Al-Borsa newspaper, Osama Kamel said the new...
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IMF delegate claims Egypt loan to be finalized in May

An Egyptian woman walks into a currency exchange office in downtown Cairo.
24 Apr 2013
Egypt and the International Monetary Fund have agreed on the main aspects of a US$4.8 billion loan and the deal will be ready for implementation by the end of May, predicted regional IMF representative Abdel Shakour Shaalan. Shaalan, who...
Yes

Egypt sees 3.8% growth in next fiscal year

Minister of Planning and International Cooperation Ashraf al-Araby
23 Apr 2013
Egypt said its economy would grow by 3.8 percent in the fiscal year starting in July as ministers outlined the 2013/14 budget to Parliament on Tuesday. The forecast delivered by Planning Minister Ashraf al-Araby to the upper house of...
Yes

Govt warns of high poverty, unemployment as budget released

23 Apr 2013
The government announced a LE820.1 billion budget for fiscal year 2013/2014 on Tuesday that will grow the state's deficit to nearly LE200 billion. Officials warned of high poverty and unemployment risks, in addition to low investment...
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Currency shortages hit Vodafone Egypt

Vodafone Telecom logo
23 Apr 2013
  Foreign exchange shortages are making it harder for Vodafone's Egyptian business to buy network equipment and it has asked some suppliers to accept payment in Egyptian pounds, its local chief executive said. Two years of...
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Stocks fall Monday ahead of expected Cabinet reshuffle

The opening ceremony of the new Egyptian Stock Exchange in Smart Village, outside of Cairo.
22 Apr 2013
The stock exchange indexes tumbled at the end of trading on Monday, suffering from a lack of liquidity, declining purchasing power and anxiety around a potential Cabinet reshuffle. The decline was also in response to several banking...
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Report: IMF loan expected next month

Canadian dollars
21 Apr 2013
Egypt may secure an International Monetary Fund loan agreement in about a month, state news agency MENA reported, quoting "informed" sources. Negotiations over the US$4.8 billion loan have been ongoing for months. Sources who...
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