News / Africa

Egyptians Reeling from Post-Revolution Economic Woes

Egyptians Reeling From Post-Revolution Economic Woesi
X
February 14, 2013 8:45 PM
Egypt's economy continues its downward spiral, with political divisions and sporadic unrest hampering a change for the better. The government has come up with a package of reforms to help secure a much-needed loan from the International Monetary Fund. VOA's Elizabeth Arrott has more from Cairo.
Egyptians Reeling From Post-Revolution Economic Woes
Elizabeth Arrott
Egypt's economy continues its downward spiral, with political divisions and sporadic unrest hampering a change for the better. The government has come up with a package of reforms to help secure a much-needed loan from the International Monetary Fund.

Long lines of cars outside gas stations in Cairo signal the latest shortage to hit post-revolution Egypt: diesel fuel.

One driver says he has spent the past two days looking to fill up his car.

Whether it's a lack of basic commodities, or the inflated prices of those available, the daily challenges facing Egyptians have grown increasingly dire.

The larger picture is also bleak. Foreign reserves are dwindling, with some raising the specter of bankruptcy.

Economist Magdy Sobhy Youssef, of the Al Ahram Center in Cairo says if things carry on as they are now, they'll likely get worse in the coming months and Egypt might have to rely solely on foreign aid.

Since the old government was ousted in 2011, Egypt has been locked in a circle of a bad economy adding to political unrest, and political unrest adding to the bad economy.

Instability has kept foreign investors away, as well as tourists, a major revenue source. A travel agent near Tahrir Square is nervous about what comes next.

"We don't know how things are going to happen, or how it is going [to] be in the future for everyone. For me, as I am working in the tourism domain, this is really a big problem, I am suffering," he said.

His plight is echoed by many across the country who see economic hardships mounting.

Political activist and influential blogger Wael Khalil says the government must move quickly.

"An important element of the discontent is that many people are not finding jobs. Also things are not improving for them, are not having stable or secure jobs," said Khalil.

So far the government has been unable to provide a quick fix on the street level.

But this week officials said they had come up with a consensus plan to secure a key loan from the International Monetary Fund. Details, though, were slim, and there was no firm date set for further talks.

The IMF loan is seen as an important form of validation for Egypt, opening the way for other foreign loans and investments. But there is a catch. Meeting the terms of the loan will likely mean austerity measures, and that, based on past history, will likely lead to further street protests.

Economist Youssef worries the mainly Islamist government lacks any concrete plan.

He says they're dealing with the idea that "God's satisfaction will be enough to handle all problems." He adds that imagining a miracle will occur is not good politics.

And with Egypt edging toward the brink, analysts say it makes for bad economic policy as well.

You May Like

Obama: I Will Do 'Everything I Can' to Close Guantanamo

US president says prison continues 'to inspire jihadists and extremists around the world' More

Sierra Leone Educates on Safe Ebola Burials

Also, country is improving at rapid response to isolated outbreaks, but health workers need to be even faster, officials say More

Religion Aside, Christmas Gains Popularity in Communist Vietnam

Increasingly wealthy Vietnamese embrace holiday due to its non-religious glamor, commercial appeal More

This forum has been closed.
Comment Sorting
Comments
     
by: Hatem Zaki from: Egypt
February 22, 2013 4:33 PM
what is going on in Egypt prove that Islam doesn't have any economic theory .citizens who elected Morsi thought MB has a magic stick would solve their chronic problem . president Morsi deals with The economic problems like the former president Mubarak . IMF policies will lead to nothing but bankruptcy


by: ali baba from: new york
February 15, 2013 5:16 PM
the news is not new. Muslim brotherhood ignore the problem until it is beyond repairs .they try to divert the attention by psychopath imam to ignite internal conflict .the strategy will not help to feed the hungry. there is no solution until secular Gov. . and look for the fact objectively

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
US Decision on Cuba Underscores Divisions Among Miami Cubansi
X
Sharon Behn
December 19, 2014 9:34 PM
For decades, older, more conservative Cubans have been gathering at Café Versailles on the corner of Calle Ocho to eat Cuban food and talk politics. After hearing of President Barack Obama’s decision, a number of them gathered in front of the café with posters to protest. VOA's Sharon Behn reports on the situation.
Video

Video US Decision on Cuba Underscores Divisions Among Miami Cubans

For decades, older, more conservative Cubans have been gathering at Café Versailles on the corner of Calle Ocho to eat Cuban food and talk politics. After hearing of President Barack Obama’s decision, a number of them gathered in front of the café with posters to protest. VOA's Sharon Behn reports on the situation.
Video

Video Three Cities Bid for Future Obama Presidential Library

President Barack Obama still has two years left in his term in office, but the effort to establish his post-presidential library is already underway. The bid for the Obama Presidential Library is down to four locations in three states -- New York, Hawaii, and Illinois. As VOA’s Kane Farabaugh reports, each of them played an important part in the president’s life before he reached the White House.
Video

Video Cuba Deal is Major Victory for Pope’s Diplomatic Initiatives

Pope Francis played a key role in brokering the US-Cuba deal that was made public earlier this week. It is the most stunning success so far in a series of peacemaking efforts by the pontiff. VOA religion reporter Jerome Socolovsky has more.
Video

Video Fears of More Political Gridlock in 2015

2014 proved to be a difficult year politically for President Barack Obama and a very good year for the U.S. Republican Party. Republican gains in the November midterm elections gave them control of the Senate and House of Representatives for the next two years -- setting the stage for more confrontation and gridlock in the final two years of the Obama presidency. VOA National Correspondent Jim Malone has a preview from Washington.
Video

Video Sudan School Becomes Target of Aerial Attacks

The school dropout rate is at an all-time high in Sudan's South Kordofan state because many schools have been destroyed during the three-year civil war between the government and SPLA-N rebel forces. Adam Bailes visited Sudan's Nuba Mountains' region and reports many children are simply too scared to go to school
Video

Video VOA Reporter Tours Devastated Peshawar School

Islamist militants wearing military uniforms and strapped with explosives attacked a military run school Tuesday in the northwestern Pakistani city of Peshawar. At least 141 people were killed in the horrific attack, most of them young students. VOA reporter Ayaz Gul visited the devastated school and attended the funeral of the principal who courageously tried to save her students from the deadly attack.
Video

Video Nigerians Fleeing Boko Haram Languish in Camp Near Capital

In its five-year effort to impose Islamic law in northeastern Nigeria, the Boko Haram extremist group has killed thousands of people and forced hundreds of thousands to flee. Some of those who ran for their lives now live in squalor on the edges of the capital, Abuja. Chris Stein reports for VOA.
Video

Video Aceh Rebuilt Decade After Tsunami, But Scars Remain

On December 26, 2004 there was an earthquake in the Indian Ocean so powerful it caused the Earth’s axis to wobble a few centimeters. Onshore on the island of Sumatra, the resulting tsunami was devastating. A decade later, VOA Correspondent Steve Herman reports from Banda Aceh, Indonesia, where although there is little remaining evidence of the physical devastation, the psychological scars among survivors remain.

All About America

AppleAndroid