Egypt: Economic Challenges Continue to Effect Egypt

  |   Attaché Report (GAIN)   |   EG2023-0029

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Egypt: Economic Challenges Continue to Effect Egypt
Global events have contributed to the devaluation of the Egyptian pound, high inflation, and a lack of foreign currency. Although Egypt had started to recover its tourism industry and economy after COVID-19, the Russian war in Ukraine contributed to a rise in food prices and a lack of forex. Recently, the Israeli-Hamas crisis has caused a further decline in the tourism industry. Due to the lack of foreign currency, the International Monetary Fund and Egypt agreed to terms on a $3 billion loan program, which may be increased.
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Near East, Egypt

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