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Égypt-actus
revue de presse sur l'actualité culturelle, archéologique, politique et sociale de l'Égypte
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Pour la 2ème fois, Al-Azhar refuse la loi sur les obligations financières

Pour la 2ème fois, Al-Azhar refuse la loi sur les obligations financières | Égypt-actus | Scoop.it

L’Autorité des Grands Ulemas (savants religieux) d’Al-Azhar a confirmé la décision du « Centre de Recherche Islamique » de refuser le projet d’Obligations ou « Sukuks »

 

Selon l’Autorité, les modifications apportées à cette loi ne changent en rien le fait que le projet n’est pas compatible avec les principes de la sharia islamique. l’Etat ne peut en aucun cas renoncer à son droit de propriété des biens et actifs du pays.

 

Les déclarations de cette autorité religieuse viennent contredire les affirmations du Ministre des Finances, comme quoi cette loi était compatible avec la Sharia. Les recettes attendues de ses Sukuks devaient atteindre environ 10 milliards de LE.

 

Le projet de loi n’a pas été encore soumis au Conseil Consultatif (Shura) et des débats avec les spécialistes auraient lieu ultérieurement au sein de la Shura.

 

 Traduction résumée par: Randa CHART

 

ايدت هيئة كبار العلماء بالازهر‮ ‬الشريف قرار مجمع البحوث الاسلامية برفض مشروع قانون الصكوك‮.

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Pound expected to depreciate further in 2013

Pound expected to depreciate further in 2013 | Égypt-actus | Scoop.it
Egypt-actus's insight:

Throughout 2012 Egypt’s currency dropped 8.4% against the euro, which cost EGP 8.4 by the end of the year. Egypt’s currency dropped a total of 11% against the sterling in 2012.


By Ayat Al-Battawi/Daily news Egypt

Experts expect the price of the Egyptian pound to continue to depreciate against foreign currencies throughout 2013, a result of a rise in the US dollar on the Egyptian market towards the end of 2012.

Throughout 2012 Egypt’s currency dropped 8.4% against the euro, which cost EGP 8.4 by the end of the year. Egypt’s currency dropped a total of 11% against the sterling in 2012.

Karam Suleiman, head of the international transactions division at a foreign bank in Egypt, said the price of the Egyptian pound vis-a-vis the euro and the sterling was largely determined by the value of these currencies against the US dollar. Any rise in the price of the dollar would have a large effect on the Egyptian pound.

Suleiman said any improvement in the price of the pound would be dependent on supply and demand economics, pointing out the current demand for dollars in Egypt was much higher than the country’s available supply.

He added that any potential balancing of the country’s supply and demand for dollars was not likely in the coming months due to the continued rise of the local exchange rate. He stated that the price of the pound would only stabilise against foreign currencies once a balance had been achieved, or if the country’s supply of dollars outstripped demand.

Last year also witnessed a 5.7% decrease in the price of Egypt’s currency against the Saudi Riyal, a 5.8% drop against the Emirati Dirham, and a 100 PTS fall against the face Kuwaiti Dinar.

Amr Sayf, deputy head of the treasury department at a private Egyptian bank, said the decrease in the value of the pound would cause inflation. This was especially true he said, in the absence of the existence of proper mechanisms to restrain the market, so that the price of goods does not rise faster than that of foreign currency


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Egypt’s foreign reserves rise after Qatar deposit

Egypt’s foreign reserves rise after Qatar deposit | Égypt-actus | Scoop.it

Egypt’s foreign reserves have risen to $15.5 billion, helped by a deposit by Qatar to support the economy, its finance minister said, although they are still close to critical levels after being run down to defend Egypt’s currency.

The central bank put reserves at $15.015 billion at the end of December. It has implemented a new regime for buying and selling foreign currency and currency controls to try to stem a fall in reserves, which have tumbled from $36 billion before the uprising that toppled Hosni Mubarak in early 2011.

Finance Minister Al-Mursi Al-Sayed Hegazy told reporters about the new reserve figure on Saturday without giving further details about the deposit by Qatar, a generous donor to Egypt.

Qatar said earlier this month it had lent Egypt $2 billion and given it $500 million outright. It has pledged to stand by Egypt to help support the nation, which has been battered by political turmoil and violence that has scared away investors.

Hegazy said reserves should rise further in future after approval of a draft law allowing Egypt to issue sovereign Islamic bonds, known as sukuk. The draft law was passed by cabinet this week but needs the backing of the Islamist-led upper house of parliament.

The minister said in December that Qatar had deposited $500 million, although the reserve figure for that month was still around $15 billion, the same as at the end of November.



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Loan Negotiations with Egypt At advanced Stage: IMF Head

Loan Negotiations with Egypt At advanced Stage: IMF Head | Égypt-actus | Scoop.it

The International Monetary Fund (IMF) is holding advanced talks with Egypt and will launch similar loan negotiations with Tunisia, IMF Managing Director Christine Lagarde said at a press conference in Washington Thursday.

"The IMF has as its main priority the Arab Spring countries and is ready to support democratic transition unconditionally," the financial organization's chief asserted.

Lagarde also spoke about aid programs that are currently being implemented in Yemen, Morocco and Jordan to ensure their "economic wellbeing."

The series of economic reforms aimed at stimulating growth for countries going through democratic transition, Lagarde continued, are of "utmost importance" to the IMF in order to promote living standards of its people.

Arab Spring countries including Egypt, Tunisia and Libya need to make urgent reforms to their economies in order to boost employment, competitiveness and growth, she added.

Lagarde concluded by saying that it is the role of the IMF to support those countries that have gone through an economic impasse and help them regain political and economic stability.

Egypt had previously asked the global financial organization to delay its approval of a $4.8 billion loan in December due to political unrest across the country.

Speaking about countries outside the region, the IMF head warned that dangerously high unemployment levels and an Eurozone financial system still in disrepair could lead to disastrous affects on the global economy.

 

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State Revenues Rise to LE108.5 Billion

State Revenues Rise to LE108.5 Billion | Égypt-actus | Scoop.it

State budget indexes showed that the state revenues rose to LE108.5 billion with a 40.3 per cent growth rise at the period between July and November 2012 against the same period of 2011.

 

The State expenditure went up to LE187.9 billion with a 38.8 per cent rise as well as the State budget deficit was up from LE58.4 billion to LE80.7 billion, according to the Finance Ministry's monthly report.

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Egypt economy to grow 2.6 pct in 2012/13: World Bank

Egypt economy to grow 2.6 pct in 2012/13: World Bank | Égypt-actus | Scoop.it

The World Bank has predicted Egypt's economy will grow by 2.6 per cent in the fiscal year 2012/13, a significantly lower figure than estimated by the Egyptian government.

The Egyptian economy grew by 2.2 per cent in the preceding 2011/12 fiscal year. 

In its latest Global Economic Prospects report published on Wednesday, the bank said political uncertainty and unrest in several countries in the region, including Egypt, was weighing on economic activity.

The Egyptian government has predicted growth of 3.5 to 4 per cent in the current fiscal year ending on 30 June 2013.

The World Bank estimated growth in Egypt would quicken to 3.8 per cent in 2013/14 year and 4.7 per cent in 2014/15.

The bank's prediction for Egypt has been downgraded since its September report, reflecting continued economic turbulence and a delay in a $4.8 billion loan from the International Monetary Fund.

The Egyptian economy crumbled following the popular uprising that unseated Hosni Mubarak early 2011. After the economy grew by an average five per cent in the few years preceding 2011, economic growth dropped to 1.8 per cent in 2010/2011.

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Executed Investments Registered EGP 49.1 Bln In Q1 Of FY 2012/13: CBE

Executed Investments Registered EGP 49.1 Bln In Q1 Of FY 2012/13: CBE | Égypt-actus | Scoop.it

The total value of executed investments rose by 6.3%, registering EGP 49.1 billion in the first quarter of FY 2012/2013, compared to EGP 47.6 billion in the first quarter of FY 2011/2012.

According to the Central Bank of Egypt’s recent report, the private-sector accounted for 70.9%, government-sector accounted for 12.9%, public companies accounted for 8.8% and economic institutions accounted for 7.4% of the total volume of executed investments.

It is worth noting that the total volume of investments registered EGP 236 billion in FY 2011/2012, compared to EGP 229 billion in FY 2010/2011.

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$388 million IDB loans to boost Egypt economy

$388 million IDB loans to boost Egypt economy | Égypt-actus | Scoop.it

Islamic Development Bank President Dr. Ahmed Muhammad Ali yesterday signed a number of loan agreements worth more than $388 million with Egyptian officials.

IDB will give $250 million to finance a 1,950-megawatt electricity station in the country's south, an official statement said.

The new power plant will eventually be linked to Egypt's national electricity grid, with additional stations to soon be constructed.

The ministry received an initial $200 million loan for the project from the IDB last summer.

IDB will give $50 million to support small and medium enterprises in the country and $32.3 million to finance a national agricultural development program.

The bank signed a $31 million deal to finance a learning hospital at Al-Azhar University and a $25 million loan deal to support a youth training program.

Since its inception, IDB has given more than $8 billion to finance 66 projects in the country and $3.5 billion to finance trade.

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IFR: Egypt default risk minimal

IFR: Egypt default risk minimal | Égypt-actus | Scoop.it

LONDON: Egypt is not likely to face immediate funding problems and the risk of a default on its sovereign debt is low, said analysts who cover the country.

In spite of the recent fall of the Egyptian pound to all-time lows, foreign exchange reserves dropping to $15 billion - half of what they were two years ago - and persisting doubts as to whether an agreement with the IMF will be reached before new parliamentary elections in April, external aid and continuing support from local banks will ensure the country meets all its upcoming obligations.

"Egypt is too big to fail and there remains an overwhelming interest to see the country stabilised, both economically and politically," said Reinhard Cluse, chief economist for Europe and CEEMEA at UBS.

While most analysts are sceptical a deal with the IMF over a $4.8 billion package will be sealed before the parliamentary elections, the sovereign is expected to continue to honour its obligations to local and foreign investors over the coming months.

According to Bank of America Merrill Lynch, Egypt's gross financing needs amount to $18.2 billion in 2013. The IMF package, combined with aid pledges made by the European Union, the World Bank, the African Development Bank and individual countries, will help plug $15.3 billion of that gap.


The rollover of dollar-denominated T-bills, held for the most part by Egyptian banks, should provide an additional $5.8 billion, according to BofA Merrill Lynch.

"I think short-term default on external government debt is unlikely," said Stephen Bailey-Smith, head of Africa research at Standard Bank. "The dominant risk comes from hard currency scarcity and if the present shortage creates more widespread panic buying."

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Head of Tax Authority - Companies Raised Prices Before Applying New Amendments

Head of Tax Authority - Companies Raised Prices Before Applying New Amendments | Égypt-actus | Scoop.it

Head of Tax Authority, Mamdouh Omar, said on 12/1/2013 that there is no relationship between any new increase in the prices of some goods and the tax ammendments that have been off work until the end of the community dialogue by Ministry of Finance with other institutions, business and civil society organizations.

He said that prices of the sales tax on cigarettes and other goods did not enter into force until now and the recent increase in prices imposed by manufacturers, pointing out that all proposals made by members of Chambers of Commerce, the Federation of Industries, Investors Associations and parties during community dialogue will be considered and dealt with seriously and will be presented to Finance Minister to take appropriate measures before the start of the actual implementation of these amendments.

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Demain...Une Commission du Shoura à "El-Nasr Automotive Company"

Demain...Une Commission du Shoura à "El-Nasr Automotive Company" | Égypt-actus | Scoop.it

Une commission du Conseil Consultatif visitera El Nasr Automotive Manufacturing Company  pour étudier sa remise en fonctionnement. Il est à rappeler que la compagnie avait arrêté ses activités en mai 2009, suite à une décision d’une Assemblée Générale.

Suite à la soumission du rapport de visite au Conseil, une réunion aura lieu avec le Ministre des Investissements et celui de la Main d’œuvre et les représentants des ouvriers.

Le redémarrage de la société nécessiterait environ 250 millions de LE du gouvernement.

Egypt-actus's insight:

 

أكد عادل ريحان رئيس النقابة العامة للصناعات الهندسية، أن اللجنة المشكلة من مجلس الشورى لدراسة إمكانية تشغيل شركة النصر لصناعة السيارات ستزور غدا مقر الشركة، وذلك للتعرف على الماكينات الموجودة بها ومدى صلاحيتها للعمل مرة أخرى.

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Economy on the right path: Egypt's FM reassures US ambassador

Economy on the right path: Egypt's FM reassures US ambassador | Égypt-actus | Scoop.it

Economic obstacles currently facing Egypt and IMF loan top agenda at meeting between newly-appointed Finance Minister El-Morsi Hegazy and US Ambassador Anne Patterson

Egypt-actus's insight:

Egyptian Minister of Finance El-Morsi Hegazy met with US ambassador to Egypt Anne Patterson on Thursday to discuss Egypt's economic woes, prospects of revamping its national economy and developments in the IMF loan discussions.

 

This is Hegazy's first ever official meeting after he assumed the role of minister of finance last week.

Hegazy stressed to the US ambassador that Egypt's economy is on the right track and that it has the ability to recover as it still has undiscovered potential, and that he has no doubt that the economy will soon reach unprecedented growth rates.

The finance minister announced in a press statement on Friday that a delegation of top-IMF officials will visit Cairo soon, to continue negotiations over a $4.8 billion loan, and that the Egyptian government is determined to generate a package of economic reforms that will boost the economy without burdening low-income tranches.  

The US ambassador to Egypt Anne Paterson affirmed that the relationship between Egypt and the US "remains strong," and that the US will continue with its' "unconditional" support to Egypt's economy until it overcomes the hardships of the current transitional period.

Patterson added that there are countless opportunities for both Egyptian and US investors to promote investments and "mutual economic cooperation."

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Le Ministre de la Planification: « 150 litres d’essence par voiture de 1600cc par mois »

Le Ministre de la Planification: « 150 litres d’essence par voiture de 1600cc par mois » | Égypt-actus | Scoop.it

Le Ministre de la Planification et de la Coopération International, Ashraf El Arabi, a confirmé qu’à partir d’avril prochain, chaque véhicule de 1600cc (privé et taxi) aura droit à 150 litres d’essence par mois, et moins pour les véhicules moins puissants.

Il a également ajouté qu’effectivement les prix du gaz naturel avaient récemment augmenté mais que ceux du fuel restent inchangés.

Egypt-actus's insight:

 

أكد أشرف العربى وزير التخطيط والتعاون الدولى، أنه بداية من شهر إبريل المقبل سيخصص 150 لتر بنزين شهرياً للسيارات 1600 سى سى وأقل للسيارات الخاصة والأجرة.

وأضاف وزير التخطيط والتعاون الدولى خلال حواره مع برنامج "القاهرة اليوم"، والذى يقدمه الإعلاميان عمرو أديب وضياء رشوان، أنه بالفعل حدث زيادة فى أسعار الغاز الطبيعى خلال الفترة الماضية، ولكن أسعار السولار لم يتم المساس بها.

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Egypte: les importateurs prêts à "rationaliser" les achats de biens de luxe

Les importateurs égyptiens se sont engagés dimanche à "rationaliser" les importations de produits de luxe, au moment où le pays est confronté à une fonte de ses réserves en devises étrangères et à une chute de sa monnaie nationale.


AFP, via Les Echos

Egypt-actus's insight:

Les importateurs de la Fédération générale des chambres de commerce "ont convenu de prendre des mesures pour rationaliser l'importation des biens de luxe", a rapporté l'agence officielle Mena.
L'agence ne précise pas quelles seront ces mesures, mais ajoute que la réunion a mis l'accent sur le fait que "les efforts doivent porter sur l'importation de biens stratégiques et les besoins de la production".
Les importateurs ont toutefois demandé au gouvernement de ne "pas imposer de restrictions" aux importations, estimant que cela ne ferait qu'aggraver la crise économique que traverse le pays.
L'Egypte est confrontée depuis la chute du régime de Hosni Moubarak il y a deux ans à une fonte de ses réserves de change, passées de 36 milliards de dollars, à 15 milliards environ.
Ce montant, qui représente l'équivalent de trois mois d'importations seulement, a été qualifié de "minimum critique" par la banque centrale, qui vient de prendre des mesures pour limiter les sorties de devises.
Ces réserves ont été largement utilisées pour soutenir la livre égyptienne face au dollar. La monnaie égyptienne est toutefois passée au cours des dernières semaines de 6,1 à 6,6 livres environ pour un dollar, son taux le plus bas depuis 2003, une situation qui renchérit mécaniquement les importations.
La chute des réserves en devises fait aussi planer une menace sur les achats de produits de première nécessité, au premier rang desquels se trouvent le blé -dont l'Egypte est le premier importateur mondial- et les carburants raffinés.

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IMF to review Egypt's budget deficit plans before signing loan agreement

IMF to review Egypt's budget deficit plans before signing loan agreement | Égypt-actus | Scoop.it

The IMF is currently reviewing Egypt's new procedures for reducing its budget deficit as a prerequisite to resuming talks that would finalise the $4.8 billion loan deal, says Masood Ahmed, IMF's director of the Middle East and Central Asia department.

Egypt's government is determined to move forward and is fully cooperating to seal the loan deal, there are just a few minor complications that it needs to overcome before it can receive the loan," explains Ahmed.

Ahmed stressed that the IMF needs to be fully convinced that Egypt will be able to fully implement the loan programme before it can give a final agreement on the loan, Egyptian state-run news agency MENA reports.

Economy experts and opposition figures had warned the Egyptian government that the loan programme could have a high social cost, especially on low-income strata, and that the government should be prepared for the consequences.

The IMF had announced that it endorsed the series of procedures undertaken in December by Egypt's central bank to boost the country's decreasing foreign reserves.

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CBE Names Mohamed El-Atreby MD, CEO Of EGB

CBE Names Mohamed El-Atreby MD, CEO Of EGB | Égypt-actus | Scoop.it

The Central Bank of Egypt (CBE) has approved the appointment of Mohamed El-Atreby as the managing director and CEO of the Egyptian Gulf Bank (EGB).

EGB announced in a statement to the Egyptian Exchange that Ali Shaker resigned because he wants to quit the executive work.

Shaker was named the managing director of EGB in October 2011, following Saeed Zaki who left the executive post to be a non-executive member of the board of directors. El-Atreby was chairman of the Arab Investment Bank and then became a chairman of the Egyptian Arab Land Bank.

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Prices surge to hit Egypt as currency depreciates sharply

Prices surge to hit Egypt as currency depreciates sharply | Égypt-actus | Scoop.it

A wave of prices surge is expected to sweep across the Egyptian market in the near future, which economists say is a direct result of recent currency devaluation.

"The rising value of the dollar, along with increasing imports and decreasing exports, raised prices of 10 basic food commodities, including rice, oil and sugar," Emad Abdeen, secretary of Food Branch at Cairo Chamber of Commerce, told Xinhua.

The price of rice, a basic staple food for Egyptians, has increased by 38 percent, he said.

The skyrocketing food commodity prices have pushed up the living costs of ordinary Egyptians. Restaurants, including those selling popular and cheap local sandwiches, are forced to raise menu prices.

"The appreciation of the dollar caused our prices to rise too," said Karim Metwally, owner of a restaurant in the busy Dokki district of Cairo. The price of potato sandwiches in his shop rose 20 percent. (...)

Observers say recession in tourism, foreign investment and exports is the main reason behind the country's dwindling foreign currency reserves.

"Egypt's imports are double its exports; even our exports are not purely Egyptian as they include imported components," said Sameh Zaki, vice president of Exports Branch at Cairo Chamber of Commerce.

Zaki said that the Egyptian pound will continue its plummet against the dollar in the absence of a right mechanism to stabilize the rate.(...)

Mahmoud Salem, an economist, took a similar line, saying insufficient governmental supervision and prevailing monopoly polices contributed to the price hikes.

Political stability is a prerequisite for restoring local currency,Hamza said, warning that the massive anti-government protests scheduled for Jan. 25 would "negatively influence an economy crawling for survival."

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Moody's places Egypt's B2 government bond rating on review for possible downgrade

Moody's places Egypt's B2 government bond rating on review for possible downgrade | Égypt-actus | Scoop.it

Moody's Investors Service has today placed Egypt's B2 government bond ratings on review for possible downgrade.

Today's rating action was prompted by the following factors:

1) The re-emergence of unsettled political conditions, despite Egypt's transition to civilian rule in 2012.

2) The heightened uncertainty surrounding the government's ability to secure financial support from the International Monetary Fund (IMF).

3) The recent imposition of capital controls by the Central Bank of Egypt in order to limit foreign-currency cash withdrawals from the country's banks.

4) The continued rise in the Egyptian government's already high fiscal financing costs.

Egypt-actus's insight:

RATINGS RATIONALE

 

The main factor behind Moody's decision to initiate a review for possible downgrade for Egypt's government bond ratings is the country's return to unsettled political conditions despite the ongoing transition to civilian rule. In particular, President Morsi's decision to issue a decree in November 2012, which granted him supreme powers that cannot be challenged by the judicial system, triggered violent demonstrations. Moreover, the polarization and disaffection among the country's population were also evident in the very low turnout in the referendum on Egypt's new constitution in December 2012.

 

The second driver underpinning the review for possible downgrade is Egypt's postponement of a preliminary, staff-level agreement that was reached with the IMF on 20 November 2012. This credit-negative delay jeopardizes the fragile stability that the country has slowly rebuilt in recent months, because an IMF program would have directly provided $4.8 billion in financial support and, more importantly, helped to shore up investor confidence through a monitored program of economic reform. Although the IMF and Egyptian government expressed their commitment on 7 January 2013 to pursue a new agreement, Moody's notes that the domestic political opposition to fiscal austerity could undermine such intentions.

 

The third factor underlying Moody's ratings review is the decision by the Central Bank of Egypt (CBE) to impose selected capital controls on 30 December 2012, with the aim of limiting foreign-currency cash withdrawals and cross-border transfers for current transactions. Although Moody's views the need for capital controls as credit negative, the rating agency observes that Egypt's external payments position had not, according to the most recent data, deteriorated -- indeed, since August 2012, the country's international reserves have remained more or less stable at $15 billion, which is more than enough to meet external debt repayments that are due in the 12 months ahead. However, Moody's notes that the country's exchange rate remains strained, as reflected by the steady depreciation against the dollar since the introduction of greater flexibility on 30 December 2012.

 

The fourth driver informing Moody's decision is the recent rise in Egypt's government financing costs. The tightening trend in the yield on the 364-day Treasury Bill reversed in November, as reflected by a rise in yields to 14.4% as of 15 January 2013, from a recent low of 12.9% in November 2012. Moody's believes this development reflects both financial pressures and

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Remaniement: Deux mois pour inverser la tendance, par Chaimaa Abdel-Hamid

Remaniement: Deux mois pour inverser la tendance, par Chaimaa Abdel-Hamid | Égypt-actus | Scoop.it
D’ici les législatives, le gouvernement a deux mois pour trouver des solutions aux problèmes économiques, sécuritaires et sociaux. Au-delà de l’enjeu électoral, c’est la stabilité de l’Egypte qui est en question.
Egypt-actus's insight:

Extraits

 

Parmi les portefeuilles visés par le dernier remaniement figurent ceux de l’Intérieur, du Transport, de l’Electricité, du Développement local, de l’Aviation civile et celui très stratégique des Finances.

Ainsi, des interrogations surgissent quant à la mission de ce cabinet. Que devra-t-il réaliser dans la période à venir ? Ou plutôt quels sont les plus grands défis qui s’imposent aux ministres ? Au premier plan, apparaissent de manière évidente les questions économiques. Car nul ne peut le nier : aujourd’hui, la situation économique en Egypte est de plus en plus préoccupante. D’ailleurs, c’est bien la crise économique traversée par le pays, à son apogée ces deux derniers mois, qui est à l’origine de ce remaniement ministériel. (...)

Un autre défi s’impose aux ministres du gouvernement : le social. Pourront-ils réaliser la justice sociale, cette demande tant attendue depuis la révolution de janvier ? Une mission peu aisée, non seulement à cause de la crise économique que traverse le pays, mais surtout en rai­son de la colère populaire qui se poursuit. (...)

De fait, le dossier sécuritaire s’im­pose comme la priorité du gouver­nement. Bien que deux ans se soient écoulés depuis la révolution de 2011, on ne peut toujours pas parler d’une présence sécuritaire dans le pays. Depuis le révolution, cinq ministres ont été chargés de ce por­tefeuille délicat, mais rien n’a été concrètement réalisé sur ce plan. (...)

Les élections législatives, prévues dans deux mois environ, seront cri­tiques. Si les Frères ne parviennent pas à ramener un semblant d’ordre et de croissance d’ici là, il leur sera difficile de s’imposer dans le futur Conseil des députés.

Mais pour le politologue Hassan Nafea, les résultats sont déjà connus : « Les Frères n’ont pas besoin de prouver quoi que ce soit. Ils savent qu’ils remporteront les élections en recourant à leurs méthodes habituelles de distribution d’huile et de sucre ».

Les Frères, eux, affirment que le travail du nouveau gouvernement n’a aucun lien avec les élections à venir, « mais vise, dans le fond, à remettre le pays sur la bonne voie », lance Saleh.

Mais ce gouvernement, qui compte huit ministres issus des Frères musulmans, n’a malgré tout d’autres choix que de réaliser de bons résultats. Les Frères n’auront plus d’excuses à donner si, d’ici deux mois, aucun progrès notable n’est réalisé. « Le gouvernement et le président doivent prendre conscience que leurs responsabilités s’élargissent et qu’ils doivent répondre sans tarder aux revendica­tions du peuple. S’ils veulent vrai­ment sauver le pays, il faut qu’ils prennent à bras-le-corps les défis qui leur sont donnés », conclut Fakhri Al-Fiqi

 

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Egypt’s deputy central bank governor resigns after her boss steps down, amid economic crisis

Egypt’s deputy central bank governor resigns after her boss steps down, amid economic crisis | Égypt-actus | Scoop.it

The central bank of Egypt says the government has accepted the resignation of its deputy governor, less than a week after her boss said he’s quitting.

The changes in the central bank come as Egypt faces a spiraling economic crisis two years after the uprising that forced former President Hosni Mubarak to step down.

A new governor, Hesham Ramez, is to take office in February. His predecessor’s resignation was anticipated after nine years in office.

The bank said the Tuesday resignation of Lobna Helal, the first woman to serve as deputy central bank governor, takes effect Jan. 31.

No reason was given for her resignation. A shake-up in banks was expected following Ramez’ nomination.

The head the National Bank of Egypt, the nation’s largest commercial bank, resigned Monday.

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Transformer les déserts égyptiens en terrains agricoles

Transformer les déserts égyptiens en terrains agricoles | Égypt-actus | Scoop.it

(IRIN) - Après la révolution qui a commencé il y a presque deux ans, les tensions politiques en Égypte ont ébranlé le secteur touristique, conduisant à une envolée des prix des produits alimentaires et à un ralentissement économique qui fait craindre l’insécurité alimentaire.

Egypt-actus's insight:

En 2012, l’Égypte était le plus grand importateur mondial de blé avec 11,5 millions de tonnes achetés à l’étranger, ce qui illustre le fossé entre l’objectif officiel de sécurité alimentaire durable et la réalité.

« Il est urgent d’augmenter la productivité de blé », a déclaré Nagui Saeed, dirigeant de l’association des producteurs de blé d’Égypte, non seulement pour conserver les devises étrangères, mais aussi pour subvenir aux besoins d’une population en pleine expansion qui a presque doublé au cours des 30 dernières années pour atteindre les 83 millions.

Pour garantir sa sécurité alimentaire sur le long terme, l’Égypte doit relever un grand nombre de défis : près de 99 pour cent de la population vit sur environ 4 pour cent de terres cultivées (sur les bords du Nil où se trouvent la plupart des terrains fertiles).

Les terres arables couvrent environ 3 pour cent du territoire national et sont menacées par la désertification, l’urbanisation et la salinisation, notamment au nord du Haut barrage d’Assouan, ce qui entraîne chaque année la perte de 11 736 hectares de terres agricoles, d’après les estimations.

Le grand dessein a toujours été de transformer les zones désertiques peu exploitées en les irriguant et de permettre à la vallée du Nil, densément peuplée, de se développer.

 

Plus : http://www.irinnews.org/fr/Report/97245/Briefing-Transformer-les-d%C3%A9serts-%C3%A9gyptiens-en-terrains-agricoles

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Francoise Autier's comment, January 14, 2013 12:09 PM
ca fait longtemps que ca existe. en tre le caire et Alexandrie, tout est vert. il y a des plantations a perte de vue ...
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Economic problems could decide Egypt elections

Economic problems could decide Egypt elections | Égypt-actus | Scoop.it

The revolution in Egypt has plunged the country into an economic crisis which could worsen in the coming weeks. Still, President Mohammed Morsi remains confident.

No one knows whether Egyptian President Mohammed Morsi secretly worries about the future of his country but he has enough reason to. The economy is in disrepair, tourists and foreign investors are staying away, and the Egyptian pound reached a new low in recent weeks. But the country's leader, who was a member of the Muslim Brotherhood until entering public office, doesn't appear to be worried. The upcoming elections are likely to be more important to him than the economy.

In two months, Egypt will vote for a new parliament. The results could issue a warning for the ruling Muslim Brotherhood. They could show just how important the country's economic problems really are.

Lack of tourists and investors

Egyptian foreign exchange reserves have fallen from more than $20 billion to $15 billion (from 15 billion euros to 11.2 billion euros) since the revolution, which ended with the fall of President Hosni Mubarak in February 2011. One reason is that tourists are staying away. Although the numbers of tourists rose in the first half of 2012 after the turbulent events in 2011, demonstrations and riots in November and December ended this positive trend.
 

"Cultural tourism especially is suffering," Torsten Schaefer from the German Travel Association (DRV) told DW. "That applies also to tourism at the pyramids or the Nile, despite there not being demonstrations there. The loss of interest from holidaymakers affects everyone who works in the tourism industry."

Investors are also being cautious. The Muslim Brothers have especially lost the confidence of companies in the West and the Gulf States due to their power politics in recent months. While foreign direct investment (FDI) was just under 7 billion dollars between 2009 and 2010, it fell to 1.8 billion dollars between 2011 and 2012. As a result, the Egyptian pound has fallen significantly against the dollar in the last two years. At the beginning of 2011, the rate was 5.82 Egyptian pounds to dollar, last week, it was 6.51 pounds. And if more Egyptians exchange their pounds for dollars, the latter's share of total cash assets in the country will rise and accelerate the decline of the local currency.

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Rompuy: IMF deal will help Egypt's ailing economy

Rompuy: IMF deal will help Egypt's ailing economy | Égypt-actus | Scoop.it

A senior EU official urged Egypt yesterday to conclude its talks with the International Monetary Fund on a $4.8 billion loan agreement, saying the deal would help restore international confidence in its wrecked economy.
Already struggling after two years of unrest following Egypt's 2011 revolution, the economy has been hit by a new bout of turmoil in recent weeks, with tensions over a new constitution damaging people's confidence in the government.
Economists now fear Egypt is running out of foreign currency reserves too fast, making the IMF deal vital to stabilizing its finances. Egypt has already spent more than $20 billion over the past two years to defend its currency.
"An agreement with the IMF will open the door to further lines of credit and will help reestablish the confidence of international investors and economic partners," European Council President Herman Van Rompuy said on a visit to Cairo.
"I welcome therefore the fact that important discussions with the IMF are continuing," he said after talks with Egyptian President Mohamed Mursi.
Egypt won preliminary approval from the IMF in November but subsequent turmoil forced the government to delay a series of bitterly unpopular austerity measures deemed necessary to win the IMF board's final approval.
On Dec. 29 its central bank alarmed investors when it said its foreign reserves had reached a "minimum and critical limit".
Adding to pressure on the Egyptian pound, violent protests in late November and early December set off a rush to convert the local currency into dollars, sending the pound to record lows on fears of a messy devaluation.
Importers have also warned that the weakening currency and uncertainty about how low it can go could lead to sharp rises in the prices of imports - a decisive factor for a desert country which depends on food imports.

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L’Égypte face à la flambée des prix

L’Égypte face à la flambée des prix | Égypt-actus | Scoop.it

La baisse des revenus et les hausses de prix rend la vie des Égyptiens de plus en plus difficile. C’est ce qu’affirment plusieurs études et statistiques officielles qui viennent d’être publiées à l’occasion de la fin 2012. Ainsi, du gaz au poulet, et même les pâtes, les prix ont connu une culbute. Mais un produit affiche une baisse spectaculaire : le Viagra.

Egypt-actus's insight:

Par Alexandre Buccianti

 

L’année 2012 est à marquer d’une pierre noire. Selon l’Office central des statistiques, les prix ont augmenté de 4,5% en moyenne, tandis que les revenus du ménage moyen ont baissé de 11,4%.

Mais c’est le mois de décembre qui a été le plus calamiteux. Le gouvernement a levé une partie des subventions sur l’électricité et le gaz. Plus 10% sur la facture, et 34% si vous utilisez le butane comme les trois-quarts des Egyptiens.

Pour ce qui est de se nourrir, la situation n’est guerre meilleure : plus 10% sur la viande, le poisson, les produits laitiers et les pâtes, mais plus 21% pour le poulet. De quoi vous rendre malade. Mais attention, cela risque de vous coûter très cher.

Se faire ausculter par un médecin a augmenté de 42% tandis qu’une trentaine de médicaments essentiels ont doublé de prix et que près de 300 autres ont disparu du marché en attendant une hausse.

La seule bonne nouvelle concerne les hommes et les cardiologues : le prix du Viagra a baissé de 70% tandis que des succédanés aux origines douteuses se vendent à moins d’un euro.

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Le FMI va-t-il devenir le pire ennemi de Mohammed Morsi ?

Le FMI va-t-il devenir le pire ennemi de Mohammed Morsi ? | Égypt-actus | Scoop.it

Le gouvernement égyptien traverse une crise du budget et sa situation monétaire inquiète. Des négociations avec le FMI, initiées lundi, sont actuellement en cours pour l'obtention d'un prêt de 4,8 milliards de dollars. Les réformes demandées, coûteuses sur le plan social, ne risquent-elles pas de fragiliser un gouvernement déjà contesté auprès de l'opinion et des alliés salafistes ?

Egypt-actus's insight:
Atlantico : Le gouvernement égyptien fait actuellement face à une crise du budget ainsi qu'à une inquiétante situation monétaire, auxquelles s'ajoutent la grogne de l'opinion. Des négociations avec le FMI, initiées lundi, sont actuellement en cours pour l'obtention d'un prêt de 4,8 milliards de dollars. Ce bras de fer a t-il une chance de déboucher sur un compromis ? 

Didier Billion : Au vu des enjeux, à savoir le fait d'éviter une faillite du pays, il m'apparaît difficile d'imaginer une autre issue que celle d'un compromis avec le Fond Monétaire International. Il y avait déjà eu un pré-accord signé entre cette institution et le gouvernement égyptien en décembre mais il n'a pas pu être concrétisé suite aux troubles qui ont agité les rues du Caire après que Mohammed Morsi se soit arrogé les pleins pouvoirs. La mise en forme de l'accord jusque là théorique n'a donc jamais pu se réaliser et c'est pour cela que de nouvelles négociations sont actuellement en cours. Tous les voyants sont effectivement au rouge et cela devrait rapidement venir à bout de la volonté des Frères Musulmans, en particulier lorsque l'on sait que ces derniers ne sont pas vraiment allergiques aux politiques d'austérité que risquent fort de réclamer le FMI en échange du prêt nécessaire à la solvabilité du pays. La confrérie est loin d'être marxiste sur le plan économique, en particulier lorsque l'on sait que son véritable leader, Khayrat al-Shâter qui n'a pu se présenter pour des raisons judiciaires, est un business man dont l'immense fortune illustre la réussite.(....)

 

Les réformes demandées, coûteuses sur le plan social, ne risquent-elles pas de fragiliser un gouvernement déjà contesté auprès de l'opinion et des alliés salafistes .

 

Il s'agit néanmoins d'une manœuvre délicate malgré ce consensus interne et le soutien de l'armée évoqué plus haut. L'opinion risque logiquement de voir d'un mauvais œil la baisse des subventions sur les produits du quotidien (nourriture, essence...) et il est très probable que de leur côté les "alliés" salafistes du gouvernement s'opposent à une trop grande ingérence d'un institut international basé aux Etats-Unis.

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