Egypt Independent

A government under economic siege

Central Bank data has revealed a 4.3 percent increase in net foreign debt in the recently completed fiscal year, recording a US$48 billion debt, compared to $46 billion the year before.
Meanwhile, official sources say the dollar shortage is threatening investments, as foreign companies operating in Egypt, such as General Electric, Nissan and LG, cannot convert their profits from Egyptian pounds into dollars. They may close down and leave if the government fails to resolve this problem quickly.
Additionally, a Korean electrical appliances company that intended to build eight factories in Egypt, has had to postpone construction until the problem is resolved.
Moody’s has added that the decline in net international reserves affects Egypt’s credit rating.
Edited translation from Al-Masry Al-Youm