CAIRO (Reuters) – Qatar tossed Egypt an economic lifeline on Tuesday, announcing it had lent Egypt another $2 billion and given it an extra $500 million outright to help control a currency crisis.
Political strife has set off a rush to convert Egyptian pounds to dollars over the past several weeks, sending the currency to a record low against the U.S. dollar and draining foreign reserves to a critical level.
CAIRO (Reuters) – A senior IMF official met Egypt’s government on Monday for talks on a vital $4.8 billion loan as the Arab state battles to contain a currency crisis set off by political turmoil that is depleting its foreign reserves.
The IMF’s Middle East and Central Asia director, Masood Ahmed, met Prime Minister Hisham Kandil at the start of a visit coinciding with a sharp decline in the value of the Egyptian pound, which has hit a series of record lows against the dollar.
CAIRO (Reuters) – Egypt’s pound fell to a record low on Monday as the president signaled his government would allow it to depreciate slowly for several more days to stop a drain on foreign reserves that has driven the economy into crisis since the fall of Hosni Mubarak.
Hit by a new bout of political turmoil in the last month, the pound had weakened to a record low on Sunday at a new dollar auction brought in by the central bank. It fell further at a second auction on Monday, last trading at 6.37 to the dollar on the interbank market.
CAIRO, Dec 28 (Reuters) – Egypt’s opposition accused
President Mohamed Mursi’s Islamist allies of trying to muzzle
dissent on Friday after prosecutors decided to investigate
whether prominent government critics were guilty of sedition.
The probe, which comes a month after Mursi replaced the
chief prosecutor, further sours the political climate as the
leader and his opponents face off over a new constitution that
became law on Wednesday.
CAIRO (Reuters) – President Mohamed Mursi admitted on Wednesday that Egypt’s economy faces serious problems after he enacted a new, bitterly contested constitution that is supposed to help end political unrest and allow him to focus on the financial crisis.
The president said the economy also had great opportunities to grow, but earlier the Egyptian pound tumbled to its weakest level in almost eight years as ever more people rushed to buy dollars and withdraw their savings from banks.
CAIRO (Reuters) – Egypt announced on Tuesday voters had approved overwhelmingly a constitution drafted by President Mohamed Mursi’s Islamist allies, and the government imposed currency restrictions to cope with an economic crisis worsened by weeks of unrest.
Final figures from the elections commission showed the constitution was adopted with 63.8 percent of the vote, giving Islamists their third straight victory at the polls since Hosni Mubarak was toppled in a 2011 revolution.
CAIRO (Reuters) – Egypt is expected to announce on Tuesday that voters approved a new Islamist-backed constitution, and the government slapped limits on carrying cash abroad to save the economy from collapse after weeks of street violence and political disarray.
President Mohamed Mursi, an Islamist elected this year after a 2011 revolution toppled long-serving autocrat Hosni Mubarak, has been accused by liberal, leftist and Christian opponents of ramming through a basic law mixing religion with politics.
CAIRO (Reuters) – Egyptian judges were investigating opposition accusations of voting fraud on Monday before declaring the result of a referendum set to show that a contentious new constitution has been approved.
President Mohamed Mursi sees the basic law, drawn up mostly by his Islamist allies, as a vital step in Egypt’s transition to democracy almost two years after the fall of military-backed strongman Hosni Mubarak.
CAIRO (Reuters) – An Islamist-backed Egyptian constitution won approval in a referendum, rival camps said on Sunday, after a vote the opposition said would sow deep social divisions in the Arab world’s most populous nation.
The Islamist Muslim Brotherhood, which propelled President Mohamed Mursi to power in a June election, said an unofficial tally showed 64 percent of voters backed the charter after two rounds of voting that ended with a final ballot on Saturday.
CAIRO, Dec 23 (Reuters) – A constitution drafted by an
Islamist-dominated assembly was approved by a majority of
Egyptians in a referendum, rival camps said on Sunday, after a
vote the opposition said drove a wedge through the Arab world’s
most populous nation.
The Muslim Brotherhood, which propelled President Mohamed
Mursi to power in a June election, said 64 percent of voters
backed the charter after two rounds of voting that ended with a
final ballot on Saturday. It cited an unofficial tally.