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

Photogallery Americans Celebrate Thanksgiving With Feasts, Festivities

Holiday traditions include turkey dinners, 'turkey trots,' American-style football and New York parade with giant balloons More

Video For Obama, Ferguson Violence is a Personal Issue

With two years left in term, analysts say, president has less to lose by taking conversation on race further More

Video Italian Espresso Expands Into Space

When Italian astronaut Samantha Cristoforetti headed for the ISS, her countrymen worried how she would survive six months drinking only instant coffee 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.
To Make A Living, Nairobi Street Vendors Face Legal Hurdles, Physical Violencei
X
Lenny Ruvaga
November 27, 2014 7:05 PM
The Nairobi City Council has been accused of brutality in dealing with hawkers in the Central Business District - in order to stop them from illegally selling their wares on the streets. Lenny Ruvaga has more for VOA News from the Kenyan capital.
Video

Video To Make A Living, Nairobi Street Vendors Face Legal Hurdles, Physical Violence

The Nairobi City Council has been accused of brutality in dealing with hawkers in the Central Business District - in order to stop them from illegally selling their wares on the streets. Lenny Ruvaga has more for VOA News from the Kenyan capital.
Video

Video For Obama, Ferguson Violence is a Personal Issue

Throughout the crisis in Ferguson, Missouri, President Barack Obama has urged calm, restraint and respect for the rule of law. But the events in Ferguson have prompted him to call — more openly than he has before — for profound changes to end the racism and distrust that he believes still exists between whites and blacks in the United States. VOA White House correspondent Luis Ramirez reports.
Video

Video Online Magazine Gets Kids Discussing Big Questions

Teen culture in America is often criticized for being superficial. But an online magazine has been encouraging some teenagers to explore deeper issues, and rewarding their efforts. VOA religion reporter Jerome Socolovsky went to this year’s Kidspirit awards ceremony in New York.
Video

Video US Community Kicks Off Thanksgiving With Parade

Thursday is Thanksgiving in the United States, a holiday whose roots go back to the country's earliest days as a British colony. One way Americans celebrate the occasion is with parades. Anush Avetisyan takes us to one such event on the day before Thanksgiving near Washington, where a community's diversity is on display. Joy Wagner narrates
Video

Video Aung San Suu Kyi: Myanmar Opposition to Keep Pushing for Constitutional Change

Myanmar opposition leader Aung San Suu Kyi says she and her supporters will continue pushing to amend a constitutional clause that bars her from running for president next year. VOA's Than Lwin Htun reports from the capital Naypyitaw in this report narrated by Colin Lovett.
Video

Video Mali Attempts to Shut Down Ebola Transmission Chain

Senegal and Nigeria were able to stop small Ebola outbreaks by closely monitoring those who had contact with the sick person and quickly isolating anyone with symptoms. Mali is now scrambling to do the same. VOA’s Anne Look reports from Mali on what the country is doing to shut down the chain of transmission.
Video

Video Ukraine Marks Anniversary of Deadly 1930s Famine

During a commemoration for millions who died of starvation in Ukraine in the early 1930s, President Petro Poroshenko lashed out at Soviet-era totalitarianism for causing the deaths and accused today’s Russian-backed rebels in the east of using similar tactics. VOA’s Daniel Shearf reports from Kyiv.
Video

Video Hong Kong Protests at a Crossroads

New public opinion polls in Hong Kong indicate declining support for pro-democracy demonstrations after weeks of street protests. VOA’s Bill Ide in Guangzhou and Pros Laput in Hong Kong spoke with protesters and observers about whether demonstrators have been too aggressive in pushing for change.
Video

Video US Immigration Relief Imminent for Mixed-Status Families

Tens of thousands of undocumented immigrants in the Washington, D.C., area may benefit from a controversial presidential order announced this week. It's not a path to citizenship, as some activists hoped. But it will allow more immigrants who arrived as children or who have citizen children, to avoid deportation and work legally. VOA's Victoria Macchi talks with one young man who benefited from an earlier presidential order, and whose parents may now benefit after years of living in fear.
Video

Video New Skateboard Defies Gravity

A futuristic dream only a couple of decades ago, the hoverboard – a skateboard that floats above the ground - has finally been made possible. While still not ready for mass production, it promises to become a cool mode of transport... at least over some surfaces. VOA’s George Putic reports.
Video

Video Falling Gas Prices Impact US Oil Extraction

With the price of oil now less than $80 a barrel, motorists throughout the United States are benefiting from gas prices below $3 a gallon. But as VOA’s Kane Farabaugh reports, the decreasing price of petroleum has a downside for the hydraulic fracturing industry in the United States.
Video

Video Tensions Build on Korean Peninsula Amid Military Drills

It has been another tense week on the Korean peninsula as Pyongyang threatened to again test nuclear weapons while the U.S. and South Korean forces held joint military exercises in a show of force. VOA’s Brian Padden reports from the Kunsan Air Base in South Korea.
Video

Video Mama Sarah Obama Honored at UN Women’s Entrepreneurship Day

President Barack Obama's step-grandmother is in the United States to raise money to build a $12 million school and hospital center in Kogelo, Kenya, the birthplace of the president's father, Barack Obama, Sr. She was honored for her decades of work to aid poor Kenyans at a Women's Entrepreneurship Day at the United Nations.
Video

Video Ebola Economic Toll Stirs W. Africa Food Security Concerns

The World Bank said Wednesday that it expects the economic impact of the Ebola outbreak on the sub-Saharan economy to cost somewhere betweenf $3 billion to $4 billion - well below a previously-outlined worst-case scenario of $32 billion. Some economists, however, paint a gloomier picture - warning that the disruption to regional markets and trading is considerable. Henry Ridgwell reports from London.
Video

Video Chaos, Abuse Defy Solution in Libya

The political and security crisis in Libya is deepening, with competing governments and, according to Amnesty International, widespread human rights violations committed with impunity. VOA’s Al Pessin reports from London.
Video

Video US Hosts Record 866,000 Foreign Students

Close to 900,000 international students are studying at American universities and colleges, more than ever before. About half of them come from Asia, mostly China. The United States hosts more foreign students than any other country in the world, and its foreign student population is steadily growing. Zlatica Hoke reports.

All About America

AppleAndroid