Yasmine's Feed
Feb 26, 2013

Mursi’s opponents to boycott Egypt vote

CAIRO (Reuters) – An alliance of Egyptian opposition parties said on Tuesday they would boycott forthcoming parliamentary elections in protest at an election law that they say favours the Muslim Brotherhood, increasing the chance that Islamists will sweep the vote.

The boycott by liberal and leftist parties opposed to President Mohamed Mursi raises the prospect of a parliamentary election fought out mostly between his Muslim Brotherhood and more hardline Islamist groups such as the Salafi Nour Party.

Feb 26, 2013

Leading Egyptian leftist party to boycott elections

CAIRO (Reuters) – A leading Egyptian leftist party said on Tuesday it would boycott a parliamentary election, joining other groups that have said they will not take part because the vote has been skewed against them by an Islamist-drafted election law.

With Islamist parties including the Muslim Brotherhood’s Freedom and Justice Party planning nationwide campaigns, boycotts by liberals and leftists will enhance the chances of the Islamists securing a commanding say in the new parliament.

Feb 25, 2013

Egypt to reopen IMF loan talks next month as crisis bites

CAIRO, Feb 25 (Reuters) – Egypt will reopen talks with the
IMF next month on a $4.8 billion loan, a minister said on
Monday, and the government laid out plans to reverse a slide in
currency reserves and tackle the dire state of public finances.

A revised government economic reform programme, essential
for securing a lifeline from the International Monetary Fund,
called for a levy on stock market transactions and a flat 25
percent tax rate for Egyptian companies, many of which are
struggling for survival in a national economic crisis.

Feb 24, 2013

Egypt insists food supply secure as wheat imports dive

CAIRO/LONDON, Feb 24 (Reuters) – Egypt’s wheat imports are
sharply down this year as it endures economic and political
crisis, but state and private buyers insist they still have
funds to keep the nation supplied with its staple bread.

Egyptian officials and traders acknowledge the government’s
problems with a rising budget deficit and falling currency
reserves, but say the state is allocating priority financing for
wheat imports. They are also pinning some of their hopes on an
increase in domestic production.

Feb 21, 2013

Egypt’s Mursi calls elections beginning April 27

CAIRO (Reuters) – President Mohamed Mursi on Thursday called parliamentary elections that will begin on April 27 and finish in late June, a four-stage vote that the Islamist leader hopes will conclude Egypt’s turbulent transition to democracy.

The vote will take place in a country deeply divided between Islamist parties that have come out on top in all elections held since Hosni Mubarak was ousted in 2011 and more secular-minded opposition parties that have struggled to get organised.

Feb 21, 2013

Egypt election to begin April 28: adviser

CAIRO (Reuters) – Egyptian President Mohamed Mursi will call a parliamentary election starting April 28, a presidential legal adviser told Reuters on Thursday, saying the vote would be held in four stages.

Mursi and his Muslim Brotherhood backers hope the election will mark an end to a turbulent political transition punctuated by spasms of violence that have thwarted his efforts to revive an economy in deep crisis.

Feb 20, 2013

Egypt state grain buyer steps aside as currency reserves fall

CAIRO, Feb 20 (Reuters) – One of the most powerful figures
on the global wheat market, Nomani Nomani, said on Wednesday he
has left his job as vice chairman of Egypt’s state grains buyer
GASC, at a time when the country is struggling with falling
foreign currency reserves.

For more than three years he has overseen strategic buying
for the world’s biggest importer of wheat, encompassing Egypt’s
2011 revolution and the periods of political and economic
uncertainty since the fall of president Hosni Mubarak.

Feb 18, 2013

Egypt flooded tunnels to cut Gaza arms flow: aide

CAIRO (Reuters) – Egypt will not tolerate a two-way flow of smuggled arms with the Gaza Strip that is destabilizing its Sinai peninsula, a senior aide to its Islamist president said, explaining why Egyptian forces flooded sub-border tunnels last week.

The network of tunnels has been a lifeline for some 1.7 million Palestinians in Gaza, bringing in an estimated 30 percent of all goods that reach the enclave and circumventing a blockade imposed by Israel for more than seven years.

Feb 13, 2013

Diesel shortage pushes Egyptians to the brink

CAIRO, Feb 13 (Reuters) – Fathy Ali is beyond anger as he
queues for hours in a line of 64 trucks and buses to fill his
tank with scarce subsidised diesel fuel, known in Egypt as
“Solar.”

“This has become part of my life. I come and wait for hours
or days, depending on my luck,” the chain-smoking bus driver
said at a besieged gas station on Cairo’s Suez High Road,
wrapped in a scarf and thick coat for the long ordeal. “At the
start it used to upset me a lot but now I’ve kind of given up.”

Feb 12, 2013

Egypt’s ElBaradei urges consensus to win IMF loan

CAIRO (Reuters) – Egyptian opposition leader Mohamed ElBaradei called on Tuesday for a national consensus to secure an urgently-needed IMF loan and save the country from economic collapse within months.

Ratings agency Moody’s cut Egypt’s credit rating on Tuesday, citing doubts about its ability to secure a requested $4.8 billion International Monetary Fund loan and the economic impact of a new round of political unrest.