News / Middle East

Egyptian President Plans Russia Trip

Egyptian President Mohamed Morsi attends the third session of the Arab Economic Summit in Riyadh, Saudi Arabia, Jan. 21, 2013.
Egyptian President Mohamed Morsi attends the third session of the Arab Economic Summit in Riyadh, Saudi Arabia, Jan. 21, 2013.
Reuters
— Egyptian President Mohamed Morsi will visit Russia next week, a state-run newspaper reported on Friday, in a visit market sources expect to focus on the cash-strapped Arab state's energy, wheat import and financing needs.

Morsi will meet President Vladimir Putin for talks that would explore "ways to strengthen cooperation between the two countries in all fields," Al Gomhuria reported, citing an anonymous source.

The Syria crisis would be high on his agenda, it said. The presidency could not immediately be reached for comment.

Egypt is grappling with an economic crisis caused by more than two years of political instability. The country's foreign currency reserves are at critically low levels and the government is struggling with an unaffordable deficit.

Shortages of imported fuel are disrupting transport and causing power cuts in the country of 84 million. The situation is expected to worsen as summer approaches and Egyptians switch on their air conditioning.

The world's biggest importer of wheat, Egypt has cut back on international purchases this year in the hope of a bumper local harvest.

In a boost to Egypt's finances, Qatar this week agreed to buy $3 billion in government bonds and to supply natural gas in the summer when it is needed. Libya also signed a deal to give Egypt a $2 billion, five-year, interest-free loan, according to the Egyptian state news agency.

The government is also in talks with the International Monetary Fund on a $4.8 billion loan deal that would unlock billions more in international support.

Wheat stocks

Several sources on European commodities and energy markets told Reuters the Egyptians may discuss financing needs and oil and wheat supplies during their visit to Russia.

"Talk is that an Egyptian delegation to Russia has both oil and gas as a focus,'' said one European trader. "Imports by Egypt with delayed payment seem to be on the wish list.''

Egypt's wheat stocks are likely to plunge below 1 million tons by June 30 as its economic crisis cripples purchases from the international market, a U.S. Department of Agriculture report said.

A second Moscow-based source said that Egypt also planned to discuss a possible $2 billion loan from Russia.

Russia, which is a net creditor, has been sought out by countries in financial difficulty that are seeking easier terms than those offered by the IMF, with recent examples including Cyprus and Serbia.

Egypt is likely to discuss wheat supplies from the next crop, as Russia has already run down the exportable surplus from last year's poor harvest.

Currently there is no clarity on the wheat supply volume, timing or payment method, the sources added.

Russian Agriculture Minister Nikolai Fyodorov met with Essam Haddad, an assistant to the Egyptian president for foreign relations on Thursday, but wheat supplies were not discussed, his ministry said.

Russia's new crop is likely to arrive in June or July, its 2013 grain harvest is officially expected at 90-92 million tons with an exportable surplus of around 20 million tons.

You May Like

Uganda Court Annuls Anti-Gay Law

Court says law was passed in parliament without enough members present for a full quorum More

Multimedia Thailand Makes Efforts to Improve Conditions for Migrant Laborers

In Thailand, its not uncommon for parents to bring their children to work; one company, in-collaboration with other organizations, address safety concerns More

In Indonesia, Jihad Video Raises Concern

Video calls on Indonesians to join Islamic State of Iraq and the Levant, ISIL More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
In Thailand, Some Efforts to Improve Conditions For Migrant Laborersi
X
Steve Herman
August 01, 2014 6:22 PM
Thailand has been facing increasing international scrutiny as a hub of human trafficking and slave labor. Some of the kingdom’s companies are striving to improve working conditions, especially for the millions of migrant laborers from surrounding countries. VOA Correspondent Steve Herman in Bangkok takes a look at one initiative for children at construction sites
Video

Video In Thailand, Some Efforts to Improve Conditions For Migrant Laborers

Thailand has been facing increasing international scrutiny as a hub of human trafficking and slave labor. Some of the kingdom’s companies are striving to improve working conditions, especially for the millions of migrant laborers from surrounding countries. VOA Correspondent Steve Herman in Bangkok takes a look at one initiative for children at construction sites
Video

Video Public Raises its Voice on Power Plant Pollution

In the United States, proposed rules to cut pollution from the nation’s 600 coal-fired power plants are generating a heated debate. The U.S. Environmental Protection Agency, charged with writing and implementing the plan, has already received 300,000 written comments. As VOA’s Rosanne Skirble reports, another 1,600 people are lining up this week at EPA headquarters and at satellite offices around the country to give their testimony in person.
Video

Video Information War Rages Alongside Real One in Ukraine

The downing of the Malaysian airliner two weeks ago, and allegations that Russians are shelling Ukrainian troops across the border, have moved the information war swirling around the Ukrainian conflict to a new level. VOA's Al Pessin reports from Kyiv.
Video

Video When Fighting Eases, Gazans Line Up at Bakeries

When there is a lull in the conflict in Gaza, residents who have been hunkered down in their apartments rush out to stock up on food and other necessities. Probably the most important destination is the local bakery. VOA’s Scott Bobb reports from Gaza City.
Video

Video China Investigates Powerful Former Security Chief

The public in China is welcoming the Communist Party's decision to investigate one of the country's once most powerful politicians, former domestic security chief Zhou Yongkang. Analysts say the move by President Xi Jinping is not only an effort to win more support for the party, but an essential step to furthering much needed economic reforms and removing those who would stand in the way of change. VOA's Bill Ide has more from Beijing.
Video

Video US-Funded Program Offers Honduran Children Alternative to Illegal Immigration

President Obama and Central American leaders recently agreed to come up with a plan to address poverty and crime in the region that is fueling the surge of young migrants trying to illegally enter the United States. VOA’s Brian Padden looks at one such program in Honduras - funded in part by the United States - which gives street kids not only food and safety but a chance for a better life without, crossing the border.
Video

Video 'Fab Lab' Igniting Revolution in Kenya

The University of Nairobi’s Science and Technology Park is banking on 3-D prototyping to spark a manufacturing revolution in the country. Lenny Ruvaga has more for from Nairobi's so-called “FabLab” for VOA.
Video

Video Immigrant Influx on Texas Border Heats Up Political Debate

Immigrants from Central America continue to cross the U.S.-Mexico border in south Texas, seeking asylum in the United States, as officials grapple with ways to deal with the problem and provide shelter for thousands of minors among the illegal border crossers. As VOA's Greg Flakus reports from Houston, the issue is complicated by internal U.S. politics and U.S. relations with the troubled nations that immigrants are fleeing.

AppleAndroid