Economic Parallels and Challenges: Lebanon and Egypt

News Bulletin Reports
03-02-2024 | 10:49
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Economic Parallels and Challenges: Lebanon and Egypt
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Economic Parallels and Challenges: Lebanon and Egypt

The economic situation in Lebanon and Egypt is similar, albeit with different causes. The exchange rate for the dollar, officially around 31 pounds, while the black market rate exceeds 70 pounds. This gap coincides with the due obligations and installments of external debts estimated at around 42.3 billion dollars, marking Egypt's largest external debt due in a single year.
But where does Egypt get all these dollars? It faces declining revenues for several reasons, including a decrease in the income from the Suez Canal due to the confrontation in the Red Sea, which provides Egypt with the largest revenues in hard currency.
Like any crisis, traders are ready to exploit the situation unlawfully, whether by hoarding greenbacks, gold, or even food and medicine to later sell them at inflated prices.

Here, the Egyptian government is attempting to control the situation through raids on hoarders, including money changers and merchants. Simultaneously, Egypt is trying to revive a previous loan from the IMF, from which it has not received all its installments totaling 3 billion dollars.
Days ago, the IMF announced progress with Egypt regarding the financing package to resume disbursements. However, this step is tied to Cairo complying with the IMF's conditions, the most important of which include:

- Withdrawal of the government and the military institution from non-strategic economic sectors, a move opposed by officials in the military institution according to The Economist.
- Selling a portion of state assets.
- Liberalizing the official exchange rate of the dollar against the pound.
All this comes amid circulating talks of offers made to Egypt to write off its debts, or parts of them, such as receiving Gazan Palestinians, for example. Will the troubled state resort to such an option? Or will Egypt's allies, particularly Arab ones, come to its rescue once again?
 

News Bulletin Reports

Lebanon

Egypt

Economy

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