Businessmen in Egypt call for economic assistance

 

Egypt 

“Egypt needs you. We need your efforts. Do we need your success too,” the Egyptian leader said in a video clip of the meeting released by his office 

“In all modesty, the country is now capable of taking off. What is left is for us to join hands. We are in the same boat.”

Egypt has suffered a foreign currency crunch since Russia’s invasion of Ukraine in February. Additionally, the uncertainty created by the conflict triggered an exodus of about $20bn from Egypt’s once-lucrative debt market.

A soaring import bill, mainly for fuel and food, has deepened the shortage of foreign currency, in addition to an initial slump in tourism revenue. The fallout from the war also forced Egypt to devalue its currency by 14 per cent in March. It has since allowed its embattled pound to shed about 6 per cent more of its value.


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