Photo and Story
Egypt’s New Supply Minister Khaled Hanafy Takes tour at Cairo Bakeries
Published 2014-03-03 13:09:24| Amwal Al Ghad English
Egypt's new Minister of Supply and Internal Trade Khaled Hanafy talks during a tour at bakeries in Cairo March 2, 2014. Egypt's new supplies minister said he would reconsider a decision to halt rice exports and look into French wheat imports which were excluded after Egypt changed its specification concerning wheat moisture levels, state media reported on Sunday. Source: REUTERs
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- Egypt’s New Supply Minister Khaled Hanafy Takes tour at Cairo Bakeries
No doubt that Egypt has witnessed very rough years since the 25 January Revolution. The economy has been brought to its knees, and now faces stagnation. Growth has stopped at 2% since the revolution, and the government budget deficit scored record levels. Tourism and Foreign Direct Investment (FDI), key sources for foreign currency, have seriously retreated, causing a spike in the balance of payments deficit, thus, putting a huge pressure on the Egyptian pound. Right after the revolution, Egypt depended on local financing to cover the budget deficit and the accumulated FX (Foreign Currency) reserves to defend the currency. Yet with the election of the first civilian president, Egypt had to look for external help. It was lucky to receive generous support from Qatar, Turkey and Libya totalling $12bn in grants and soft loans. The same trend continued after 30 June, where Egypt received over $20bn from Saudi Arabia, the United Arab Emirates and Kuwait. Such external help was necessary to prevent the economy from collapse.
"We Will Not Pay" campaign called on residents of Al Ismalia, via the social network pages "Facebook", to organize a protest on Saturday night; objecting on cutting off electricity for long hours every day. Socialist Popular Alliance Party and youth of Kefaya Movement participate in the campaign. The campaign demands a stated schedule for the districts' consumption of electricity, also a stated schedule of the times and the periods of cutting off electricity, as it shouldn't suddenly cut off electricity. It also bearing the executive apparatus the responsibility of collecting rubbish, not the responsibility of citizens, and the details of the contracts with cleaning companies should be published. The campaign said the ongoing negligence of these demands will lead to not paying the bills of electricity and cleaning.
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