FROM RESTRICTIONS ON WITHDRAWALS FROM PERSONAL ACCOUNTS OUTSIDE EGYPT, TO RATIONING THE AMOUNT OF RICE AN INDIVIDUAL CAN BUY, TO ADVERTISING CAMPAIGNS ABOUT THE HEALTH BENEFITS OF EATING CHICKEN LEGS, EGYPTIANS ARE SUFFERING GREATLY FROM THE ECONOMIC CRISIS THEIR COUNTRY IS GOING THROUGH WHILE IT IS BURDENED WITH DEBT.
CAIRO’S CASH RESERVES DO NOT EXCEED $33.5 BILLION, INCLUDING $28 BILLION IN DEPOSITS FROM ALLIED GULF STATES. HOWEVER, EGYPT’S FOREIGN DEBT HAS MORE THAN TRIPLED IN THE LAST TEN YEARS, REACHING $157 BILLION.
AT THE REQUEST OF CREDITORS, EGYPT DEVALUED ITS CURRENCY IN 2022 BY 57%.
IN A COUNTRY THAT IMPORTS MOST OF ITS NEEDS FROM ABROAD AND IN WHICH INTEREST RATES ROSE BY 8% IN 2022, THE IMPACT WAS IMMEDIATE, AS THE INFLATION RATE REACHED 18.7%, ACCORDING TO OFFICIAL FIGURES.
ON EARTH, HOUSEWIVES SUFFER. “THE LOAF OF BREAD THAT I USED TO BUY FOR ONE POUND NOW COSTS THREE POUNDS,” REHAB TOLD AFP AT THE EXIT OF A BAKERY IN DOWNTOWN CAIRO.
THE 34-YEAR-OLD WOMAN, WHO REFUSED TO DISCLOSE HER LAST NAME, ADDED, “MY HUSBAND EARNS SIX THOUSAND POUNDS A MONTH. WE USED TO LIVE THIRTY DAYS FROM THIS SALARY, BUT TODAY THE MONEY STARTS TO COME FROM THE TENTH DAY.”
Source: National News Agency – Lebanon