Egypt in the News on 10 April 2020
Leading the conversation on Egypt this morning is a Financial Times piece suggesting that Egypt has seen outflows of USD 7-9 bn from equity and debt markets combined. The salmon-color paper notes that “Egyptian bankers said they expected Cairo to let the EGP depreciate gradually — weakening currencies fuel inflation and add to countries’ debt servicing costs.” Egypt, like other non-oil MENA economies, has a delicate balancing act to strike between the cost of bailouts for businesses, the challenge of keeping the economy running, preventing the spread of covid and servicing debt.
Egypt’s workers struggle amid covid-19: Irregular laborers have been struggling to get by since the outbreak of the pandemic, making the government’s planned three-month stipend a necessity, AFP reports. Meanwhile, Amnesty International said yesterday that garment workers in investment zones are risking their health by continuing to work without sufficient protective measures for fear of losing out on their incomes.
Take a tour of our historical sites from your couch: Egypt has launched virtual tours of the tomb of Menna, which forms part of the necropolis of the ancient city of Thebes (modern-day Luxor), and dates back to the 18th dynasty (between 1550 and 1295 BC), to help people maintain an interest in historical sites while staying home, Euro Weekly reports.