Economic woes in the Land of the Pharaoh

Egypt's political woes are well-document but are increasingly being overtaken by its economic concerns. Growing foreign debt, dwindling currency reserves, rising prices, devaluating currency and an IMF loan that …just….wont…get off the ground, Egypt's medium-term outlook remains massively negative. Foreign investors are running from the state leading to a major downturn in its financial account (investment in local shares and assets) while its current account (balance of export earnings minus import payments) isn't looking to flash either and is surging towards US$3 billion. In addition, the country can not pay for fuel leading to regular shortages. For further information on this increasingly dire picture check out Carnegie's article "Egypt and the IMF: Time for a Different Approach" http://carnegieendowment.org/sada/2013/04/09/egypt-and-imf-time-for-different-approach/fyna