‏إظهار الرسائل ذات التسميات Economy. إظهار كافة الرسائل
‏إظهار الرسائل ذات التسميات Economy. إظهار كافة الرسائل

11/23/2015

The Emirati plan for ruling Egypt بن زايد للسيسي أنا مش مكنة فلوس



The UAE has expressed frustration towards Egypt aftering giving nearly $25bn in aid (AFP) 


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A top-secret strategy document prepared for Abu Dhabi Crown Prince Mohammed bin Zayed al-Nahyan reveals that the United Arab Emirates is losing faith in the ability of Egypt's President Abdel Fattah al-Sisi to serve the Gulf state’s interests.
The document, prepared by one of Bin Zayed’s team and dated 12 October, contains two key quotes which describe the frustration bin Zayed feels about Sisi, whose military coup the Crown Prince bankrolled, pouring in billions of dollars along with Saudi Arabia. It says: “This guy needs to know that I am not an ATM machine.” Further on, it also reveals the political price the Emiratis will exact if they continue to fund Egypt.
Future strategy should be based on not just attempting to influence the government in Egypt but to control it. It is summarised thus: “Now I will give but under my conditions. If I give, I rule.”
Egypt, which has recently tried to stem a run on the Egyptian pound, is heavily dependent on cash from the Emirates, which has become the largest foreign direct investor. At an economic conference in Sharm el-Sheikh in March, the prime minister of the UAE and ruler of Dubai, Sheik Mohammed bin Rashid al-Maktoum, revealed the UAE had already given Egypt $13.9bn and he pledged $3.9bn more. The real amount of aid Sisi got from the Emiratis is thought by analysts to be closer to $25bn, around half of the total Gulf aid to Egypt.
Only $16.4bn remain, and of those only $2.5bn are in gold, according to a former Egyptian official who spoke to MEE on the condition of anonymity. The rest is in the form of loans. This is insufficient for covering the import of basic commodities for two months.  
The document, seen exclusively by MEE, questions whether bin Zayed is getting a proper return on his investment. It also reveals unhappiness with the Egyptian officials the Emiratis thought they had recruited, because it became clear to them afterwards that they were not as loyal to the Emirates as they were to Egypt.
The strategy paper says that in future the Emiratis should select their partners in Egypt with more care. In a reference to the current campaign in the Egyptian media against the new Saudi ruler, King Salman, and his son Mohammed - which has seen the kingdom attacked for its role in Syria and allegedly over-bearing control of Egypt - the document says they will have to stop the war of words because it hurts Emirati interests. 

Three phases 

The strategy document outlines three phases of investing in Egypt which will start early next year. In the third phase, the Emirates will seek to move from financier to "full partner".
The Emirates should recruit and finance Egyptian think tanks, universities and media outlets, the document says. It goes on to state that these direct investments should have a clear strategy and vision and that every down-payment should be tested for the benefits it will bring Abu Dhabi.
The paper spells out in blunt terms Emirati ambitions to control Egypt. This aim is inherent in a section recommending three conditions for continuing the bailout of Sisi's government.
Those conditions are: removing the petrol subsidy over the next three years by respectively cutting it by 30 percent, 30 percent and then 40 percent annually; demanding that the Emirates should set the strategy for the price of the Egyptian pound in comparison with the US dollar, which would be tantamount to controlling Egypt’s monetary policy; and cutting bureaucracy. Each of these are domestic policies.
The document further reveals the extent to which Sisi has let down his paymasters. One analyst who has been studying the deteriorating relationship between the two countries said: “The criticism indicates that they are not happy with Sisi and that he is not serving their purpose. The main idea the Emiratis have is that MBZ [bin Zayed] should be the real ruler of Egypt and whoever is in charge must do what he is asked to do by them.”

Cause for concern 

There are three reasons for Emirati concern.
First, the Emiratis think the media war that has broken out between Egypt and the Saudi kingdom is hurting Abu Dhabi’s interests. Last month the Egyptian newspaper al-Youm al-Sabea reported a row between the chairman of the state owned al-Ahram media group Ahmed el-Sayed al-Naggar and the Saudi Ambassador to Egypt Ahmad Qattan, which ended with al-Ahram claiming that “even a building in central Cairo” is older than the kingdom. A pro-government TV anchor, Ibrahim Eissa, accused Saudi Arabia of funding terrorist groups in Syria, called on Sisi to stop being "a captive to Riyadh," and urged Egypt to be liberated from the relationship of gratitude to Saudi Arabia. 
Second, the Emiratis are unhappy about Sisi’s broken promises to send ground troops for the Saudi-led campaign against the Houthis in Yemen, a war in which the UAE was forced to commit troops. Sisi used the expression in Egyptian Arabic “masafah as-sikkah,” meaning it would take him the time it needs to cross a road to come to the aid of the Gulf states if they needed military aid. So far, no Egyptian troops have materialised on the ground in Yemen.
Third, they complain that Sisi is not listening to them when they ask for economic and administrative reform or when they demand that good governance be used as the basis of a stable state.


“From Abu Dhabi’s point of view, Sisi has not performed. He does not have a strategy for economic reform. Services are very bad. So from the Emirati perspective Sisi is not doing what he is told to do," the analyst, who spoke to MEE on condition of anonymity, said. "In the coming phase, starting early next year, the Emirates are planning this extensive campaign. They are not deserting him [Sisi] and he is still their man, but nor are they happy with him. They want total submission, so that they are the real rulers."

Relations with Riyadh 

Sisi’s relations with Riyadh also worsened after he discovered that a rival Egyptian army general has been in the kingdom for the past two weeks holding private talks.
Sources close to the kingdom reveal that Egyptian military intelligence asked the Saudis why Sami Anan, a former chief of staff, was there. They were told Anan was there on a private visit and in an individual capacity and there was nothing the government in Riyadh could do to stop it.
Anan was second only to Mohammed Hussein Tantawi when Mubarak was ousted in 2011. He was sacked by Mohamed Morsi when the latter became president in 2012. However, when Morsi was in turn ousted by a military coup a year later, Anan announced his ambition to be a presidential candidate. He is 70 and is regarded as close to Washington; he was in the US at the time of the 25 January revolution.
According to the informed Saudi sources, Anan is one of three names being considered to replace Sisi. The others are Ahmed Shafiq, a former general who is at present in exile in Abu Dhabi, and Murad Muwafi, a former head of the General Intelligence Directorate, who like Anan was sacked by Morsi. Both Shafiq and Muwafi are regarded as close to the Emirates.
In his conversations with Turkish President Recep Tayyip Erdogan, King Salman has made no secret of his wish to keep the military in charge of Egypt. Saudi Arabia regards the Egyptian military as the only guarantor of the country’s stability, and it is stability rather than democracy that concerns Riyadh.
However, that calculation has changed in the past three months to the extent that Salman no longer regards Sisi as a stable leader of Egypt. They think Sisi’s term as leader has expired, so they are examining who within the military could take over, as well as reaching out to all sections of the Egyptian political opposition, most of whom are in exile.
Anan, regarded as a calm but wily leader who is naturally risk averse, is a leading candidate for Saudi favour. He has a strong claim to represent the Egyptian military, although those very credentials render him suspect to Egyptian opposition forces, who recall his time in the Supreme Council of the Armed Forces, which ruled Egypt from Mubarak's overthrow to Morsi's election and oversaw the country while the blood of protesters was being spilled in Cairo's Tahrir Square. 
“If they are looking for a military figure, Anan is the best option. But someone accepted by the military is not going to be accepted by the majority. That is where Anan’s problem would be,” said one member of the Egyptian political opposition.


- See more at: http://www.middleeasteye.net/news/exclusive-emirati-plan-ruling-egypt-2084590756#sthash.WqHcIbIC.dpuf


 محمد بن زايد  للسيسي  أنا مش مكنة فلوس

تحت عنوان "الخطة الإماراتية لحكم مصر" قال الكاتب البريطاني ديفيد هيرست  إن وثيقة إستراتيجية كشفت أن محمد بن زايد ولي عهد أبو ظبي أصبح يشعر بالإحباط من أداء الرئيس عبد الفتاح السيسي.

وإلى نص التقرير
كشفت وثيقة إستراتيجية إماراتية تم إعدادها لصالح الشيخ محمد بن زايد آل نهيان أن الإمارات تفقد الثقة في قدرة السيسي على خدمة مصالح الدولة الخليجية.

الوثيقة المذكورة، التي أعدها أحد عناصر الفريق الخاص ببن زايد، ومؤرخة بيوم 12 أكتوبر، تحتوي على اقتباسين رئيسيين يصفان الإحباط الذي يشعر به بن زايد تجاه السيسي، الذي مول ولي عهد أبو ظبي انقلابه العسكري، وضخ، بجانب المملكة السعودية، مليارات الدولارات.

وقالت الوثيقة نقلا عن بن زايد: “يحتاج هذا الرجل إلى معرفة أنني لست ماكينة صراف آلي".

وعلاوة على ذلك، فإنها تكشف الثمن السياسي الذي سيتكبده الإماراتيون إذا استمروا في تمويل مصر.

الإستراتيجية المستقبلية لا ينبغي أن تعتمد فحسب على محاولة التأثير على حكومة مصرية، ولكن السيطرة عليها.

ولخصت الوثيقة ذلك قائلة: “الآن سوف أعطي ولكن وفقا لشروطي، إذا أعطيت، فلابد أن أحكم".

مصر، التي حاولت مؤخرا وقف تدهور الجنيه المصري، تعتمد بشكل كبير على الأموال القادمة من الإمارات، التي أضحت أكبر مستثمر أجنبي مباشر.

وفي المؤتمر الاقتصادي بشرم الشيخ، والذي عقد في مارس الماضي، كشف رئيس وزراء الإمارات وحاكم دبي الشيخ محمد بن راشد المكتوم أن الإمارات منحت مصر 13.9 مليارات دولار، متعهدا بضخ 3.9 مليارات دولار إضافية.

ويعتقد الكثير من المحليين أن القيمة الحقيقة للمساعدات التي تلقاها السيسي من الإمارات تقترب من 25 مليار دولار، ما يناهز نصف إجمالي المساعدات الخليجية لمصر.

لم يبق الآن إلا 16.4 مليار دولار، بينها 2.5 مليار دولار في صورة ذهب، وفقا لمسؤول مصري سابق طلب عدم ذكر اسمه.

باقي المبلغ على هيئة قروض، وهو ليس كافيا لتغطية تكلفة استيراد السلع الأساسية لشهرين.

الوثيقة، التي اطلعت عليها ميدل إيست آي، حصريا، تطرح تساؤلات إذا ما كان بن زايد يحصل على المقابل الملائم لاستثماراته في مصر.

كما كشفت الوثيقة عدم السعادة من مسؤولين إماراتيين اعتقدت الإمارات أنها جندتهم، إذ بات واضحا بالنسبة أن درجة ولائهم بالنسبة لمصر تتجاوز الإمارات.

الورقة الاستراتيجية ذكرت أنه يتعين على الإمارات مستقبلا اختيار شركائها في مصر باهتمام متزايد.

وفي إشارة إلى الحملة الحالية في الإعلام المصري ضد الملك سلمان، ونجله محمد، والتي شهدت مهاجمة المملكة لدورها في سوريا، وسيطرتها الطاغية على مصر، قالت الوثيقة: إنهم يتعين عليهم إيقاف حرب الكلمات لأنها تضر المصالح الإماراتية.

ثلاثة أطوار
وحددت الوثيقة ثلاثة مراحل للاستثمار في مصر تبدأ العام المقبل.

وفي المرحلة الثالثة، سوف يسعى الإماراتيون للتحرك من مرحلة الممول إلى "شريك كامل".

يتعين على الإماراتيين تجنيد وتمويل مراكز أبحاث ومنصات إعلامية. بحسب الوثيقة.

ومضت تقول: “هذه الاستثمارات المباشرة ينبغي أن تكون ذات استراتيجية ورؤية واضحتين، وضرورة قياس كل فائدة تصب في صالح أبو ظبي مقابل كل مبلغ مدفوع لمصر.

وأفصحت الوثيقة، بمصطلحات صريحة، عن الطموحات الإماراتية للتحكم في مصر.

الهدف المذكور يتضمنه الجزء الذي يوصي بثلاثة شروط لاستمرار الإنقاذ المالي لحكومة السيسي.

الشرط الأول هو إزالة دعم البنزين خلال السنوات الثلاث المقبلة، من خلال تخفيضات سنوية 30 %، و30 %، و40 % على التوالي.

الشرط الثاني هو المطالبة بوضع الإمارات استراتيجية لسعر الجنيه المصري مقارنة بالدولار الأمريكي، وهو ما يعادل التحكم في السياسة النقدية لمصر.

أما الشرط الثالث فيتمثل في الحد من البيروقراطية.

كل من الشروط الثلاثة يفترض أنها سياسات داخلية.

وبالإضافة إلى ذلك، كشفت الوثيقة إلى أي مدى خذل السيسي مموليه.

وقال محلل يدرس العلاقات المتدهورة بين البلدين: “الانتقادات تشير إلى أنهم ليسوا سعداء بالسيسي الذي لا يخدم أهدافهم. الفكرة الرئيسية لدى الإماراتيين مفادها أن بن زايد يجب أن يكون حاكما حقيقيا لمصر، ويتعين على من يتولى المسؤولية في مصر، مهما كانت هويته، أن ينفذ ما تطلبه أبو ظبي".

سبب القلق

ثمة ثلاثة أسباب تدعو الإمارات للقلق:

الأول: يعتقد الإماراتيون أن الحرب الإعلامية التي اندلعت بين مصر والسعودية تضر بمصالح أبو ظبي.

الشهر الماضي، نشرت صحيفة اليوم السابع تقريرا حول مشادة بين رئيس مجلس إدارة صحيفة الأهرام المملوكة للحكومة أحمد السيد النجار، والسفير السعودي لدى مصر أحمد القطان، والتي انتهت بادعاءات النجار أن مباني وسط البلد أقدم من المملكة السعودية.

إبراهيم عيسى، المذيع الموالي للحكومة، اتهم السعودية بتمويل جماعات إرهابية في سوريا، مطالبا السيسي بالتوقف عن أن يكون "أسيرا للرياض"، وحث مصر على التحرر من علاقة الامتنان للسعودية.

السبب الثاني يتمثل في استياء الإماراتيين من كسر السيسي وعودا بإرسال قوات أرضية للحملة السعودية ضد الحوثيين في اليمن، وهي الحرب التي التزمت فيها الإمارات مضطرة إلى إرسال قوات.

وكان السيسي قد استخدم التعبير المصري" مسافة السكة"، والذي يعني أنه لن يستغرق وقتا لمساعدة الدول الخليجية إذا احتاجوا عونا عسكريا.

لكن حتى الآن، لم تشارك قوات برية مصرية في معركة اليمن.

السبب الثالث مفاده أن الإمارات متذمرة من عدم إنصات السيسي لهم عندما يطلبون منه إجراء إصلاحات اقتصادية وإدارية، أو عندما يشيرون إلى أن الحكم الجيد هو أساس الدولة المستقرة.

وقال محلل، طلب عدم ذكر اسمه: “من وجهة نظر أبو ظبي، فإن السيسي لم ينجز. حيث لا يمتلك إستراتيجية للإصلاحات الاقتصادية والإدارية. فالخدمات شديدة السوء. لذلك فإنه من وجهة نظر الإمارات، لا ينفذ ما يُطلب منه".

وتابع: “في المرحلة المقبلة، التي تبدأ الشهر المقبل، يخطط الإماراتيون لتنفيذ حملة واسعة. إنهم لم يتخلوا عن السيسي، وما زال رجلهم، لكنهم ليسوا سعداء به، ويريدون خضوعه التام، وأن يكونوا حكاما حقيقيين".

العلاقة مع الرياض
علاقة السيسي بالرياض ساءت أيضا بعد أن اكتشف أن جنرالا مصريا غريما للسيسي كان في زيارة سرية للمملكة، وعقد محادثات خاصة.

وكشفت مصادر مقربة من المملكة أن المخابرات الحربية المصرية سألت السعودية عن أسباب زيارة سامي عنان، قائد الأركان السابق.

وأجابت السلطات السعودية أن عنان كان هناك في زيارة خاصة، وفردية ليست ذات علاقة بالحكومة، ولم تكن للرياض أن تمنعها.

عنان كان الرجل الثاني في الجيش بعد محمد حسين طنطاوي عندما عزل مبارك عام 2011.

واتخذ الرئيس الأسبق محمد مرسي قرارا بإقصائه من منصبه عام 2012.

وعندما عُزل مرسي بدوره عبر انقلاب عسكري عام 2013، أعلن عنان طموحه للترشح للرئاسة.

عنان يبلغ من العمر 70 عاما، ينظر إليه باعتباره مقربا من واشنطن، حيث كانت في الولايات المتحدة وقت ثورة 25 يناير.

ووفقا لمصادر سعودية مطلعة، فإن عنان أحد ثلاثة أسماء تتم دراستها لخلافة السيسي.

الاسمان الآخران هما أحمد شفيق، الجنرال السابق الذي يعيش حاليا في المنفى بأبو ظبي، ومراد موافي، مدير المخابرات العامة السابق، الذي أطاح به مرسي مثل عنان.

وينظر إلى كل من شفيق وموافي باعتبارهما مقربين للإمارات.

وفي محادثات مع الرئيس التركي رجب طيب أردوغان، لم يخف سلمان سرا بشأن رغبته في استمرار تقلد الجيش المسؤولية في مصر.

السعودية تنظر إلى الجيش المصري باعتباره الضامن الوحيد لاستقرار البلاد.

الاستقرار لا الديمقراطية هو ما يشغل الرياض.

ومع ذلك، فقد تغيرت الحسابات خلال الشهور الثلاثة الماضية، لدرجة أن سلمان لم يعد ينظر إلى السيسي كقائد مستقر لمصر.

إنهم يعتقدون أن فترة حكم السيسي كقائد للبلاد قد نفدت، لذا يدرسون من يستطيع أن يحل محله داخل الجيش، بالإضافة إلى التواصل مع كافة أقسام المعارضة السياسية المصرية، الذين يتواجد معظمهم في المنفى.

وينظر إلى عنان باعتباره قائدا هادئا لكنه ماكر يتجنب المخاطر، وهو مرشح مفضل يصب في الصالح السعودي.

عنان يمتلك ادعاء قويا بأنه يمثل الجيش المصري، لكن ذات مؤهلاته تحوله إلى مصدر شك بالنسبة لقوى المعارضة، الذين يتذكرون الفترة التي كان مسؤولا فيها داخل المجلس الأعلى للقوات المسلحة، الذي حكم مصر منذ عزل مبارك إلى انتخاب مرسي، وأشرف على الوطن بينما كانت تُسفك دماء المتظاهرين في ميدان التحرير.

وقال معارض سياسي مصري: “إذا كانوا يبحثون عن شخصية عسكرية، فإن عنان هو الاختيار المفضل. لكن شخصا ما مقبول من الجيش لن يكون مقبولا من الأغلبية، وهي المشكلة التي ستجابه سامي عنان"

2/24/2015

Revolution of the hungry in #Egypt

Revolution of the hungry In Egypt

Low-income households in Egypt are being hit by soaring food prices, placing a major strain on many poor families in the country, who are struggling to put basic staples on the table


Egypt, which is the world's biggest importer of wheat, brings in about 70% of its food from abroad. High prices of basic food items have been cited as one the reasons behind the 2011 upheaval that led to the ousting of long-time President Hosni Mubarak. The chant "bread, freedom and social justice" could be heard around Cairo's Tahrir Square, the epicenter for disgruntled Egyptians calling for change..








"The World Bank estimates around half of all food that reaches the final market in Egypt is spoiled," says Blair. "That's partly due to the farming methods, the picking, the packing, the distribution in terms of general logistics," he adds

A currency exchange in Cairo. The value of the Egyptian pound has fallen by 12% against the dollar since December. Photograph: Khaled Desouki/AFP/Getty Images


















Egypt 'suffering worst economic crisis since 1930s'



Egypt Economy 2015
Occupying the northeast corner of the African continent, Egypt is bisected by the highly fertile Nile valley, where most economic activity takes place. Egypt's economy was highly centralized during the rule of former President Gamal Abdel NASSER but opened up considerably under former Presidents Anwar EL-SADAT and Mohamed Hosni MUBARAK. Cairo from 2004 to 2008 aggressively pursued economic reforms to attract foreign investment and facilitate growth. Poor living conditions combined with limited job opportunities for the average Egyptian contribute to public discontent. After unrest erupted in January 2011, the Egyptian Government backtracked on economic reforms, drastically increasing social spending to address public dissatisfaction, but political uncertainty at the same time caused economic growth to slow significantly, reducing the government's revenues. Tourism, manufacturing, and construction were among the hardest hit sectors of the Egyptian economy, pushing up unemployment levels, and economic growth remains slow amid political uncertainty, government transitions, unrest, and cycles of violence. Cairo since 2011 has drawn down foreign exchange reserves and depended on foreign assistance, particularly from Gulf countries, to finance imports and energy products and prevent further devaluation of the Egyptian pound, fearing higher inflation from a weaker currency.
GDP (purchasing power parity):
$551.4 billion (2013 est.)
country comparison to the world: 28

$541.5 billion (2012 est.)
$529.7 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]GDP (official exchange rate):
$262 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
1.8% (2013 est.)
country comparison to the world: 150
2.2% (2012 est.)
1.8% (2011 est.)
[see also: GDP - real growth rate country ranks ]GDP - per capita:
$6,600 (2013 est.)
country comparison to the world: 144
$6,600 (2012 est.)
$6,600 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]Gross national saving:
12.3% of GDP (2013 est.)
country comparison to the world: 125
13.1% of GDP (2012 est.)
13.8% of GDP (2011 est.)
[see also: Gross national saving country ranks ]GDP - composition, by end use:
household consumption: 78.6%
government consumption: 11.8%
investment in fixed capital: 14.3%
investment in inventories: 0.4%
exports of goods and services: 18%
imports of goods and services: -23.2%
(2013 est.)GDP - composition, by sector of origin:
agriculture: 14.5%
industry: 37.5%
services: 48% (2013 est.)
Agriculture - products:
cotton, rice, corn, wheat, beans, fruits, vegetables; cattle, water buffalo, sheep, goats
Industries:
textiles, food processing, tourism, chemicals, pharmaceuticals, hydrocarbons, construction, cement, metals, light manufactures
Industrial production growth rate:
1.4% (2013 est.)
country comparison to the world: 138
[see also: Industrial production growth rate country ranks ]

Labor force:
27.69 million (2013 est.)
country comparison to the world: 24
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 29%
industry: 24%
services: 47% (2011 est.)
Unemployment rate:
13.4% (2013 est.)
country comparison to the world: 131
12.7% (2012 est.)
[see also: Unemployment rate country ranks ]Population below poverty line:
22% (2008 est.)
[see also: Population below poverty line country ranks ]
Household income or consumption by percentage share:
lowest 10%: 4%
highest 10%: 26.6% (2008)
Distribution of family income - Gini index:
30.8 (2008)
country comparison to the world: 116
32.1 (2005)
[see also: Distribution of family income - Gini index country ranks ]Budget:
revenues: $45.57 billion
expenditures: $80.42 billion (2013 est.)
Taxes and other revenues:
17.4% of GDP (2013 est.)
country comparison to the world: 177
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-13.3% of GDP (2013 est.)
country comparison to the world: 213
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
92.2% of GDP (2013 est.)
country comparison to the world: 19
88% of GDP (2012 est.)
note: data cover central government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are sold at public auctions
[see also: Public debt country ranks ]Fiscal year:
1 July - 30 June
Inflation rate (consumer prices):
9% (2013 est.)
country comparison to the world: 205
7.1% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]Central bank discount rate:
8.75% (5 December 2013 est.)
country comparison to the world: 31
8.68% (31 December 2010 est.)
[see also: Central bank discount rate country ranks ]Commercial bank prime lending rate:
11% (31 December 2013 est.)
country comparison to the world: 66
12% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]Stock of narrow money:
$47.8 billion (31 December 2013 est.)
country comparison to the world: 46
$45.33 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]Stock of broad money:
$191.2 billion (31 December 2013 est.)
country comparison to the world: 38
$183.6 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]Stock of domestic credit:
$163.6 billion (31 December 2013 est.)
country comparison to the world: 45
$192.5 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]Market value of publicly traded shares:
$63.49 billion (23 January 2014 est.)
country comparison to the world: 47
$58.01 billion (31 December 2012)
$48.68 billion (31 December 2011 est.)
[see also: Market value of publicly traded shares country ranks ]Current account balance:
-$6.035 billion (2013 est.)
country comparison to the world: 172
-$9.136 billion (2012 est.)
[see also: Current account balance country ranks ]Exports:
$24.81 billion (2013 est.)
country comparison to the world: 71
$24.93 billion (2012 est.)
[see also: Exports country ranks ]Exports - commodities:
crude oil and petroleum products, cotton, textiles, metal products, chemicals, processed food
Exports - partners:
Italy 7.9%, India 6.9%, US 6.8%, Saudi Arabia 6.2%, Turkey 5.3%, Libya 4.9% (2012)
Imports:
$59.22 billion (2013 est.)
country comparison to the world: 50
$60.26 billion (2012 est.)
[see also: Imports country ranks ]Imports - commodities:
machinery and equipment, foodstuffs, chemicals, wood products, fuels
Imports - partners:
China 9.5%, US 7.6%, Germany 6.7%, Russia 5.3%, Ukraine 5.3%, Turkey 5.1%, Italy 5% (2012)
Reserves of foreign exchange and gold:
$17.03 billion (31 December 2013 est.)
country comparison to the world: 63
$14.93 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]Debt - external:
$48.76 billion (31 December 2013 est.)
country comparison to the world: 64
$38.69 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]Stock of direct foreign investment - at home:
$76.76 billion (31 December 2013 est.)
country comparison to the world: 48
$75.41 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]Stock of direct foreign investment - abroad:
$6.475 billion (31 December 2013 est.)
country comparison to the world: 60
$6.285 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]Exchange rates:
Egyptian pounds (EGP) per US dollar -
7.74 (2015 est.)
6.91 (2013 est.)
6.0608 (2012 est.)
5.6219 (2010 est.)

7/29/2014

#Ramadan in #Egypt 's #economy is witnessing .4 shock and surprise #SISi





SISI said that Ramadan is often a quiet month with respect to the economic aspect in Egypt, due to the preference of investors and officials to postpone any investment decisions or regulatory beyond the end of the month, which is dominated by the character of worship, but Ramadan came this year in a different direction altogether.

The month of Ramadan ended hours before several important economic events in Egypt, some of which represents a radical change in economic direction of the state.

Monitors Editor TOM most prominent economic events that dominated by the character of'' shock and surprise''

Reducing support

Approved President Abdel Fattah al-Sisi, the first day of the month of Ramadan, a draft of the state budget for the fiscal year 2014-2015, the total budget deficit stood at about 240 billion pounds, equivalent to about 10 percent of GDP.




The president issued a decree, the law the new budget, which includes among other expenses amounted to about 789 billion pounds, and the total public revenues amounted to about 549 billion pounds, compared with a projected deficit during the current fiscal year 2013-2014 amounted to some 243 billion pounds, equivalent to about 12 percent of the GDP.

According to statements by the Minister of Finance, has been supporting the rationalization of petroleum products to save about 44 billion pounds to 100 billion pounds during the new fiscal year by moving prices rather than 144 billion pounds in the current fiscal year.

Expenses have also been reduced by about 18 billion pounds to 789 billion pounds in the budget approved expenses compared to 802 billion pounds in the draft budget, which was rejected by President Abdel Fattah al-Sisi.

He explained that he has been reduced expenses by reducing item wages by about 1.2 billion pounds and reduced item purchase goods and services by about 2.5 billion pounds and cut benefits by about 2.5 billion pounds, and transfers about 12 billion pounds.

And monitor the Editor TOM decline targeted support for 8 other sectors in the state budget ( fuel is not alone .. the government cut support 8 new sectors in the budget )

Increase the price of fuel, electricity and gas

The government approved the decision to raise the price of all types of fuel, where it was increasing the price of 80 liters of gasoline to 1.60 pounds instead of 90 pounds, and raise the price of 92 liters of gasoline to 2 pounds and 60 piasters instead of 1 and 85 pounds penny.

It also is raising the price of 95 liters of gasoline to 6.65 pounds instead of 5.65 and raise the price of diesel to 1.80 pounds instead of 1.10 pounds.

The government approved the increase in electricity prices from the start of the current bill for the month of July, in support of a plan to rationalize electricity within 5 years.

The Minister of the electricity that the average real price per kilowatt-hour currently up to about 47 pounds and the average selling price of about 22.6 penny, but in the context of restructuring in the first year would be the average selling price of 29.2 penny, and in the second 35.2 penny, and the third 40 piasters, and the fourth penny 45.5, 50.8 and fifth penny, and will show a simple profit margin for the first time in the electricity sector during the fifth year of restructuring.

The minister pointed out that the support of electricity this year after restructuring of 27.4 billion pounds, instead of the 38.7 billion pounds, if he had not been initiated in the restructuring.

And increased natural gas prices for cement factories, steel and fertilizers, following the decision to increase prices for homes in the past month.

Following the decisions of the increase in fuel prices, transport prices witnessed a remarkable heights, whilst recognizing the provincial transportation tariff increase by about 10 percent.

The network predicted Bloomberg News remarkable economic surges in the prices of goods and services in Egypt after the decision to increase the price of fuel and electricity.

Taxes taxes taxes

Sisi issued a decree amending some provisions of the Income Tax Law promulgated by Law No. 91 of 2005 and the law of stamp tax promulgated by Law No. 111 of 1980.

Included Act Amendments of income tax on capital gains on stock exchange transactions by about 10 percent, also approved a tax on the dividends of the shares at a price of 10 percent to be reduced to 5 percent of the shareholders long-term with equity of not less than 25 percent as strategic shareholders.

The project is also not subjected bonus shares distributed by companies listed on the stock exchange to its shareholders for the tax on the distributions.

It also included amendments to the Income Tax Add residing outside Egypt is supposed to pay them for taxes in case if Egypt was the center of his business or industrial or professional.

The cabinet approved amendments to the law on real estate tax, expected to yield up to about 3 pounds 3.5 billion annually when the full application of the law.

Also issued Sisi, a decree increasing taxes on liquor and cigarettes, to varying degrees, to announce after the cigarette companies to increase domestic and foreign prices of their products in response to Resolution.

He also revealed the draft general budget of the state, the government to amend the system increase in wages during the current fiscal year (2014-2015), which introduced the first of July.

The draft general budget of the state that among the amendments adopted by the government, modified system where the increase in wages was canceled tax exemption on the special allowances and stop the annexation of the basic curdled after 5 years.

The largest decline in foreign reserves

Drop in net foreign exchange reserves to Egypt to lose at the end of June, 597 million U.S. dollars, and the biggest loss recorded in 2014.

The central bank said that the cash reserves stood at 16.687 billion dollars by the end of June (initially) compared to 17.284 billion dollars in the month of May.

The Egyptian foreign reserves of foreign currencies fell by almost 205 million dollars during the month of May.

Surprise interest rates

Committee decided to monetary policy of the Central Bank of Egypt raise the overnight deposit and lending rates for one night for the first time in 2014 by 100 basis points (1 percent) to arrive at 9.25 percent and 10.25 percent respectively.

The Bloomberg network considered economic decision CBE surprise, following the decisions of President Abdel Fattah al-Sisi on increasing fuel prices and taxes on cigarettes and fuel.

Bloomberg pointed out that the central bank's decision came after the announcement of the Egyptian government to raise energy prices threatens to increase the prices of all commodities in Egypt.



http://www.masrawy.com/News/PublicAffairs/General/2014/july/29/5950909.aspx