I recently visited one of Cairo's most desperate slums. Before I got to Egypt, I had never heard of the place, which is called Dar al-Salam. And I was only able to venture into it because I was accompanied by a member of an organized crime family.
Egypt's surging budget deficit has hit its limit and the Oil Ministry has decided to cut its $20bn plus fuel subsidies. The result - mainstream fuel prices by up to 78% from midnight on Friday. As Reuters reports, previous governments have failed to curb energy product subsidies, fearing backlash from a public used to cheap fuel.
"Any rice?" says the woman, leaning into a shop in Cairo and brandishing a green smartcard that carries her family's food credits. The shopkeeper shakes his head: "Only sugar."
Behind him, more than half the shelves are empty. Rice and cooking oil are nowhere to be seen.
Tens of millions of Egyptians rely on state subsidies provided as credits on smartcards they redeem against household staples each month. But in recent weeks, imported commodities like cooking...
SAYEDA AISHA, Egypt — Um Salma’s tiny café is tucked in a maze of alleys in the Sayeda Aisha slum, home to the tomb of Aisha, the Prophet Mohamed’s youngest wife. Pushing through the café’s saloon-style doors, a haze of acrid hash smoke assaults the senses. Inside, a dozen-odd workers sitting on wooden stools cluster around water pipes.
After the numerous political turmoils in Egypt the county is on the verge of another precipice, this time an economic one. Both the Egypt’s government and its Western associates are hoping that the IMF will approve a $4.8 billion bailout plan for the country, reported Financial Times. If the first transaction is endorsed is would trigger a larger package of external capital, letting near $14.5 billion to roll into Egypt.
Egypt's parliament voted by an overwhelming majority on Saturday to regulate organ transplants in a bid to curb illegal trafficking and tourism over the issue.The law bans commercial trade in organs as well as transplants between Egyptians and foreigners, except in cases of husband and wife.Operations in government hospitals are to be financed by the state.According to the United Nations, hundreds of poor Egyptians sell their kidneys and livers every year to buy food or pay off debts.
MUMBAI: Within couple of hours of rate cut by the Reserve Bank, country's largest lender SBI slashed its lending rate by 0.40 per cent, while the largest private sector lender ICICI Bank hinted at cutting its base rate by at least 0.25 per cent. "Clearly, interest rates will come down, base rates will come down. A large part of the cut will get transmitted. When I say a large part of the thing (repo rate) will get transmitted, it should mean more than half," ICICI Bank's managing director and chief executive Chanda Kochhar told reporters at the RBI headquarters.