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

Jihadist Assassin says Goal of Tunisia Murders Was Chaos

Abu Muqatil at-Tunusi’s remarks in a propaganda interview also cast light on attack on Bardo Museum More

Russia Denies License to Tatar-Language TV Station in Crimea

OSCE official says denial shows 'politically selective censorship of free and independent voices in Crimea is continuing' More

Kenyan Startups Tackle Expensive Remittances Through Bitcoin

Some think services could give Western Union a run for its money, though others say it’s still got a long way to go 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.
Indiana Controversy Highlights Divergent Meanings of Religious Freedomi
X
Jerome Socolovsky
April 01, 2015 1:41 AM
Indiana’s state government has triggered a nationwide controversy by approving a law that critics say is aimed at allowing discrimination against gays and lesbians. The controversy stems from divergent notions of religious freedom in America. VOA's Jerome Socolovsky reports.
Video

Video Indiana Controversy Highlights Divergent Meanings of Religious Freedom

Indiana’s state government has triggered a nationwide controversy by approving a law that critics say is aimed at allowing discrimination against gays and lesbians. The controversy stems from divergent notions of religious freedom in America. VOA's Jerome Socolovsky reports.
Video

Video Nigerians Welcome Buhari's Return to Power

Crowds of jubilant Nigerians nationwide have celebrated the return to power of former military ruler Muhammadu Buhari. The retired army general won this year's presidential election with more than 2 million votes more than incumbent President Goodluck Jonathan. Buhari's supporters hope he can strengthen the country's economy and security once he takes office in late May. Zlatica Hoke has this story.
Video

Video Report: State of Black America a 'Tale of Two Nations'

The National Urban League has described this year's "State of Black America" report as a "tale of two nations." The group's annual report, released earlier this month (March), found that under an equality index African Americans had only 72% parity compared to whites in areas such as education, economics, health, social justice and civic engagement. It’s a gap that educators and students at Brooklyn’s Medgar Evers College are looking to close. VOA's Daniela Schrier reports from the school.
Video

Video Film Tells Story of Musicians in Mali Threatened by Jihadists

At this year's annual South by Southwest film and music festival in Austin, Texas, some musicians from Mali were on hand to promote a film about how their lives were upturned by jihadists who destroyed ancient treasures in the city of Timbuktu and prohibited anyone from playing music under threat of death. As VOA’s Greg Flakus reports from Austin, some are afraid to return to their hometowns even though the jihadists are no longer in control there.
Video

Video Gamma Ray Observatory to Open Soon in Mexico

American and Mexican scientists have completed construction of the world's largest gamma ray observatory, situated high in central Mexico’s Sierra Negra Mountain. The observatory's huge array of water-based detectors will soon start discovering secrets about black holes and supernovas. VOA’s George Putic reports.
Video

Video Ebola Vaccine Trials Underway in West Africa

Ebola has claimed the lives of more than 10,000 people in West Africa. Since last summer, researchers have rushed to get anti-Ebola vaccines into clinical trials. While it's too early to say that any of the potential vaccines work, some scientists say they are seeing strong results from some of the studies. VOA's Carol Pearson reports.
Video

Video Philippines Wants Tourists Spending Money at New Casinos

Tourism is a multi-billion dollar industry in the Philippines. Close to five million foreign visitors traveled there last year, perhaps lured by the country’s tropical beaches. But Jason Strother reports from Manila that the country hopes to entice more travelers to stay indoors and spend money inside new casinos.
Video

Video Civilian Casualties Push Men to Join Rebels in Ukraine

The continued fighting in eastern Ukraine and the shelling of civilian neighborhoods seem to be pushing more men to join the separatist fighters. Many of the new recruits are residents of Ukraine made bitter by new grievances, as well as old. VOA's Patrick Wells reports.
Video

Video Islamic State Prisoners Talk of Curiosity, God, Regret

Islamic State fighter, a prisoner of Kurdish YPG forces, asked his family asking for forgiveness: "I destroyed myself and I destroyed them along with me." The Syrian youth was one of two detainees who spoke to VOA’s Kurdish Service about the path they chose; their names have been changed and identifying details obscured. VOA's Zana Omer reports.
Video

Video Germanwings Findings Raise Issue of Psychological Testing for Pilots

More is being discovered about the co-pilot in the crash of Germanwings Flight 9525 in the French Alps. Investigators say he was hiding a medical condition, raising questions about the mental qualifications of pilots. VOA's Carolyn Presutti reports.
Video

Video Liberia's Almost Last Ebola Patient Grateful but Still Grieving

Beatrice Yardolo was to make history as Liberia’s last Ebola patient. Liberians recently started counting down 42 days, the period that has to go by without a single new infection until the World Health Organization can declare a country Ebola-free. That countdown stopped on March 20 when there was another new case of Ebola, making Yardolo’s story a reminder that Ebola is far from over. Benno Muchler reports from Monrovia.
Video

Video Cambodian Land Grabs Threaten Traditional Communities

Indigenous communities in Cambodia's Ratanakiri province say the government’s economic land concession policy is taking away their land and traditional way of life, making many fear that their identity will soon be lost. Local authorities, though, have denied this is the case. VOA's Say Mony went to investigate and filed this report, narrated by Colin Lovett.

VOA Blogs

Circumventing Censorship

An Internet Primer for Healthy Web Habits

As surveillance and censoring technologies advance, so, too, do new tools for your computer or mobile device that help protect your privacy and break through Internet censorship.
More