CAIRO (Reuters) – Egyptian President Mohamed Mursi said on Wednesday parliamentary elections could be delayed until October, a postponement that would give his cash-strapped government breathing room to negotiate an IMF deal.
Mursi’s original plan was for a four-stage election that would start in late April and put a parliament in place by July.
CAIRO, March 13 (Reuters) – Egypt’s strategic stocks of
wheat have fallen to 2.207 million tonnes, enough to last 89
days, a cabinet report said on Wednesday, as the top global
importer struggles to ensure supply through an economic and
Economic turmoil in the North African country has made it
harder it to arrange payments for wheat imports, with the pace
of purchases having tumbled since the start of the year.
CAIRO, March 11 (Reuters) – Egypt is studying an IMF offer
of a bridging loan, a finance ministry source said on Monday, as
Cairo tries to weather a currency and budget crisis deepened by
political uncertainty and violence on the streets of its cities.
In Washington, the International Monetary Fund said Egypt
needed bold and ambitious action to tackle its economic problems
urgently and it could get temporary IMF funding while it
negotiated a long-delayed full loan programme.
DOHA/CAIRO, March 11 (Reuters) – Egypt’s wealthy benefactor
Qatar dampened speculation on Monday of rapid extra funding to
help Cairo through a currency and budget crisis, as pressure
grows at home on the Islamist government to come clean about the
state of the economy.
With public anger rising over shortages of diesel fuel, the
Cairo government dismissed two top energy industry officials
over distribution problems, but sceptical Egyptians say they
think the state no longer has the money to import enough oil.
CAIRO, March 11 (Reuters) – Telecom Egypt reported
a 12.8 percent fall in full-year net profit, hit by economic
turmoil in the north African country and a further decline in
its fixed-line business as customers switch to mobile phones.
The company, which is hoping growth in data services will
offset lower fixed-line income, said on Monday it made a net
profit of 2.61 billion Egyptian pounds ($386 million) last year,
compared with 2.99 billion in 2011.
CAIRO, March 10 (Reuters) – Egypt on Sunday rejected any
suggestion of stop-gap IMF funding to help it through a
political and economic crisis, saying only broad structural
measures as part of a package agreed with the Fund can tackle
the country’s soaring budget deficit.
With Islamist President Mohamed Mursi struggling to contain
violent protests, new figures released on Sunday showed a jump
in inflation, which will hurt the poor hardest and is likely to
stir yet more social unrest.
CAIRO, March 10 (Reuters) – Egyptian inflation has leapt as
a sliding local currency pushes up food prices, badly hurting
the poor who are suffering most during the country’s economic,
political and security crisis.
Illustrating the squeeze on living standards since Egypt’s
2011 revolution, data on Sunday showed prices in towns and
cities rose 8.2 percent in the year to February, sharply higher
than the 6.3 percent the previous month.
CAIRO (Reuters) – Egyptian inflation has leapt as a sliding local currency pushes up food prices, badly hurting the poor who are suffering most during the country’s economic, political and security crisis.
Illustrating the squeeze on living standards since Egypt’s 2011 revolution, data on Sunday showed prices in towns and cities rose 8.2 percent in the year to February, sharply higher than the 6.3 percent the previous month.
CAIRO (Reuters) – To Egypt’s opposition, a court ruling throwing the electoral process into limbo offers an opportunity to force Islamist President Mohamed Mursi into compromise as the country heads towards chaos.
Leaders of liberal and leftist parties believe the delay to parliamentary elections is a chance to extract concessions on major constitutional issues from Mursi – and possibly to back out of an opposition boycott that may backfire.
CAIRO (Reuters) – Egypt’s election committee has scrapped a timetable under which voting for the lower house of parliament should have begun next month, state media reported on Thursday, following a court ruling that threw the entire polling process into confusion.
Egypt now lies in electoral limbo, with no election dates at a time when uncertainty is taking a heavy toll on the economy – the Egyptian pound is falling, foreign currency reserves are sliding and the budget deficit is soaring to an unmanageable level.