Egypt.- Still Watching?

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Last month I posted a short overview noting how we need to keep our eyes on Egypt. (See the original post here.) In the face of heightened unemployment and underemployment the nation has made agreements with the International Monetary Fund to impose austerity measures on the people of Egypt in an effort to bring the nation’s economy under control. This is likely to further stir domestic unrest and the growing extremist movement. (You really should read the original post for greater background on this.)

The following price hikes were what I pointed out in last month’s post.

 

      • Oil prices up by 50%

      • Drinking water prices up by 50%

      • Electricity up 41% for businesses and 20% for households

 

These kinds of price hikes and their stirring of resentment and anger among an already frustrated populace are inevitable. Now we have new figures to add to the list.

danger in egypt

 

At the end of June President Sisi authorized a rate increase for cell phones and cell phone monthly contracts. That’s not all. Passports, foreign residency applications and the licensing of cars have also fallen into the list of items which the government is squeezing for more money from the people of Egypt.

 

All of these “austerity measures” hit the poor and the middle class people of Egypt hardest – the same people who benefitted the least from the years of excess within the Egyptian economy.

 

As I said in June – this is going to get worse and there will be repercussions. It is not a matter of if, but of when.

 

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