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[Dunia] Mesir hampir bangkrap......!

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Post on 31-3-2013 12:42 PM |All posts

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Egypt near collapse, begs Arab world for help, government incapable to manage economy

Credit to mevotex@miricommunity.net

With Egypts foreign reserves exhausting, tourism industry drying up, and no International Monetary Fund (IMF) deal within sight, the Arab worlds most populous nation is fast lurching towards economic collapse. Ahram Online reported that the government is now facing difficulties providing cash to cover the purchase of essential commodities, including food and energy. Stocks of imported and local wheat fell to just 2.207 million tonnes by 13 March, enough to last for less than three months.


Egyptians riot as economy nears collapse

Egypts official foreign reserves, around $36 billion before the revolution of January 2011, have tumbled below $13 billion, barely enough to cover three months worth of imports. Whats more depressing is that half of those money cannot be touched, since it consists of recent deposits in Egypts central bank from brotherly states like Qatar ($5 billion), Saudi Arabia and Turkey ($1 billion each)

As the countrys economy worsens, even rich Gulf monarchies now say they are not in the mood to pump in more money, so Egypt has turned to poorer states such as Iraq and Libya to fill the central banks vaults. But even if they cough up, this would improve only the numbers, not the reality.

And the reality is that virtually every economic indicator points to trouble. The Egyptian pound has slid 10 percent since January. Unemployment is as high as 20 percent. The stock exchange has slumped by one-tenth year-to-date. Tourism, which used to account for 12 percent of Egypts GDP, has evaporated. Foreign investment is near zero, and many of Egypts most dynamic businessmen have fled. The price of food is soaring to a point where some family now have difficulties buying bread. A quarter of Egypts 83 million people live below the poverty line.


Social unrest in Egypt as economy descends into chaos

To prevent its currency from plunging further, Egypt has imposed increasingly stringent exchange controls, and these measures are beginning to throttle trade and foreign investment. Some imported medicines, for example, have vanished from pharmacies, and investment brokers now warn their foreign clients of trouble repatriating funds back to their countries. It is of no wonder that not much new money is coming into Egypt.

Falling currency has pushed up inflation from less than 5 percent in December to 8 percent in February. That is particularly grim for Egypts growing number of unemployed. One labor group reports at least 4,500 factories have closed since the revolution, and now the country is witnessing a surge in crime and plethora of unlicensed street markets that are swamping Egyptian cities.

Thousands of workers in the tourism industry are now idle. Beach resorts in Egypt kept slashing prices, while other tourist draws such as the Pyramids, the Valley of the Kings and cruise-boats on the Nile are eerily empty. The governments budget deficit, meanwhile, looks set to hit a sickly 12 percent of GDP by the end of June, far worse than its earlier target of 9.5 percent. This translated into a hazardous full year count of 24 percent. By comparison, the United States is expecting a 5.5 percent deficit this year.


President Morsi called on Arab states to help prevent an Egyptian collapse

Lets face it, apart from Qatar, none of the Arab Gulf States is willing to generate funds for this regime. I am telling you, they are actually cutting down on their existing investments in Egypt, said a leading businessman who is in partnership with top Arab Gulf entrepreneurs.

But even so, Qatar, according to a well-informed Doha-based source, is not coming forward with much more. The Qataris are not amused by the negative public and media perception of their assistance to Egypt, he said. Qatari Finance Minister Youssef Kamal recently said his country did not expect to give further financial aid to Egypt in the immediate term. The United Arab Emirates, another wealthy Gulf country, makes no secret of its dislike towards the new Muslim Brotherhood leadership in Egypt.

Dr. Mohamed Noman Galal, a member of the Egyptian Council for Foreign Relations, said it is time Egypt adopts the Chinese economic model, emphasizing Chinas trajectory from a near-bankrupt poor nation in 1950s to the worlds second largest economy today. China said it understands the temporary difficulties facing Egypt, and added that it is ready to aid Arab and Islamic countries weather their economic woes, though it would not want to overstretch itself.


China may come to Egypts rescue, but wants something in exchange

China, who is now holding the worlds biggest foreign reserves, has been lending money to the United States. It is at the moment the top foreign creditor to that nation. The Asian giant is also injecting money to help stabilize the European monetary mechanisms. The U.S. and Europe import a huge chunk of Chinese manufactures and their economic stability is essential to China. To meet the demands of its growing economy, China is also providing developmental aid and loans to Africa states in exchange for tapping into their massive natural resources.

Egypt may have what the Chinese wanted - the Suez Canal. Amid the Greek crisis, China has conducted a financial arrangement to take over the Piraeus port for 35 years, a strategic gateway to the Eastern Mediterranean. If the Egyptians are willing to put up the canal for lease, the Chinese might be interested to buy. Sudan, Egypts southern neighbor, faced a budget crisis earlier this year and was saved after China wrote a $1.5 billion cheque to its treasuries. In return, the Chinese secured rights to the Sudanese oil and mineral blocks.

The request to deposit $2 billion into the Central Bank of Egypt was rejected by Libya, though the Libyans have agreed to pump 900,000 barrels of oil a month on credit starting in April to support the Egyptian economy. The rescue comes as Egypt has been stressed by fuel shortages since last year.


Life in Egypt is becoming increasingly desperate

A Libyan central bank official told Reuters that the stability of Egypt is vital to Libya. Libya owns stakes in three banks in Egypt and companies in various sectors. We will invest whenever these companies need liquidity, debt repayments and capital for operation, he said, declining to be identified. Our investments in Egypt are very strategic and we will do what's needed to support that. Egypt's security and stability are as important to us as our own, he added.

Libyan oil minister, Abdul-Bari Al-Aroussi said Libya plans to refine some of its crude oil in Egyptian refineries to support the Egyptian economy which is struggling after more than two years of political unrest. Iraq similarly rejected the request to transfer $4 billion, and likewise will sell 4 million barrels of oil to Egypt on credit. An unnamed Iraqi official said on Friday that it is too risky to deposit such a large sum in Egypt.

The Egyptian government spends $20 billion on subsidies every year, half of it in fuel subsidy. Fuel powers not only the countrys commercial transport fleet but also the irrigation pumps used by millions of poor farmers; without it Egypts precious farmland would wither, and the current fuel shortage is wrecking the countrys already critical economy.


As economy falters, poverty rises in Egypt

Egypt is currently negotiating a $4.8 billion loan with the IMF, whose approval could unlock as much as $15 billion in multilateral aid from other institutions like the World Bank and European Union. The IMF wants Egypt to remove its subsidies to balance the deficit. Such measure however, is unpopular and the Egyptian government is terrified to implement it, fearing popular unrest like the one 2 years ago that toppled former president Hosni Mubarak.

As Egypts economy is edging closer towards collapse, its biggest financial backer Qatar appears to be bowing out. On the Qatari side, they are putting their money into a bit of a black hole, Michael Stephens, a researcher at the Royal United Services Institute think-tank in Qatar said. Gas-rich Qatar has already given Egypt $5 billion.

Stephens says that in addition to diplomatic clout, Qatar likely also looked for preferential business deals in Egypt, particularly in the construction sector. But with economic mismanagement and endless political turmoil, Qatar is likely to review its policy of lavishing billions on an unpredictable regime. Qatari decision-makers could be saying: It doesnt make sense to have the perception that we have adopted Egypt, he said. The cost would be huge.


Desperate Egyptians lining up to buy subsidized breads

In terms of GDP per capita, Qatar is the wealthiest in Middle East, in fact, also the world. But no one, no matter how rich they might be, would like to burn money continuously for no purpose.


Source:

http://www.economist.com/news/middle-east-...s-economy-looks

http://english.ahram.org.eg/NewsContentP/3...-search-of.aspx

http://www.chinadaily.com.cn/china/2013chi...nt_16340994.htm

http://news.xinhuanet.com/english/china/20...c_132267931.htm

http://www.ibtimes.com/egypts-appalling-ec...-rescue-1156393

http://www.ventures-africa.com/2013/03/lib...gypt-on-credit/

http://www.foxnews.com/world/2013/03/26/ir...ext-april-says/

http://www.ft.com/intl/cms/s/0/9d4fb906-96...l#axzz2Oz5xGmci

http://www.reuters.com/article/2013/03/27/...N0CJ14G20130327

http://www.yalibnan.com/2013/03/28/egypts-...faces-collapse/

http://www.globalpost.com/dispatch/news/re...bandoning-egypt


harap Mat Taib @ PM Sarawak boleh bantu mereka.............
#PrayForMH370
U Reap What U Sow - setiap org akn mendpt balasan ats apa yg diusahakan
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Post on 31-3-2013 02:44 PM |All posts
inilah bahaya bila terlebih sgt demokrasi....

rakyat sangat berkuasa smpi pemerintah tiada kuasa nak banteras kebangkitan rakyat...
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Lagu feveret Mac14: All For Me - John Legend >> Nagada Sang Dhol - Shera Ghosal  >> Counting Stars - OneRepublic
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Post on 31-3-2013 02:59 PM |All posts
dauswq posted on 31-3-2013 02:44 PM
inilah bahaya bila terlebih sgt demokrasi....

rakyat sangat berkuasa smpi pemerintah tiada kuasa  ...

bukan sebab kerajaan korups kaa?
#PrayForMH370
U Reap What U Sow - setiap org akn mendpt balasan ats apa yg diusahakan
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Post on 31-3-2013 03:04 PM |All posts
Acong posted on 31-3-2013 02:59 PM
bukan sebab kerajaan korups kaa?

yes, sbb kerajaan korup before presiden baru ni...
tp sampai biler mende ni nak tenteram smpi leh affect economy semua?

we dont tht to happen in our country...
biler rakyat sangat berkuasa smpi pemerintah yg dilantik mereka kena all-the-way ikut arahan mereka...
jadinya pelabur2 takut nak tabur duit...
sbb masalah nilah...


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Post on 31-3-2013 03:30 PM |All posts
Pilih PR pilih kemiskinan dan merempat
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Post on 31-3-2013 03:39 PM |All posts
kesian rakyat mesir.....
jejejejejejejejeje
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Post on 31-3-2013 03:43 PM |All posts
kalu bersih berjaya menggulingkan kerajaan
agaknya efek dia sama ke?
love love me do
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Post on 31-3-2013 03:56 PM |All posts
kena hentikan la segala pemberian tunai 1 malaysia tu..nanti bankrap pulak..

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Post on 31-3-2013 04:02 PM |All posts
takpe janji hqpuskan rasyuah dan wang rakyat digunakan sebaik baiknya....
Never underestimate the power of stupid people in large groups
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Post on 31-3-2013 04:06 PM |All posts
tercapai sudah cita-cita Israel & USA...
"Kalau hidup ini pahit, Allah lah gulanya"
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Post on 31-3-2013 04:10 PM |All posts
Acong posted on 31-3-2013 02:59 PM
bukan sebab kerajaan korups kaa?

ade ke kerajaan yg benar2 berseh dan suci dlm dunia nih? us?, uk?, imf?
jejejejejejejejeje
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Post on 31-3-2013 04:17 PM |All posts
salah satu cara utk mesir keluar dari kemelut ekonomi sistem yahud ni ialah dgn mengreveskan balik efek keruntuhan ekonominya kpd israel...mesir seharusnya melancarkan kempen ketenteraan terhadap israel dgn menaikkan sentimen patriotik rakyat mesir. Dgn cara ini ia akan dpt mengalihkan tumpuan kesusahan ekonomi rakyat kepada penentangan israel. Bila israel rasa terancam, depa dgn macai2 depa mcm imf, world bank dlln akan stat buka nego table utk salur bantuan.....dan aku rasa startegi akan digunakan oleh pm morsi.... Last edited by apam on 31-3-2013 04:19 PM

jejejejejejejejeje
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Post on 31-3-2013 04:24 PM |All posts
tongkatwaran75 posted on 31-3-2013 04:06 PM
tercapai sudah cita-cita Israel & USA...

sgt2 scary
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Post on 31-3-2013 06:02 PM |All posts
Ni la kebangkitan rakyat yg org malaysia nk sgt ikot tu..time huru hara nnt sume slhkn kerajaan balik pdhal sndri yg pilih..
I love myself more
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Post on 31-3-2013 06:51 PM |All posts
LOL padan muka....dari Arab spring --------> Arab Fall
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Post on 31-3-2013 07:01 PM |All posts

masalahnye rakyat nye mcm xde otak, bila ade kerajaan baru..takkan la terus bertukar economy cm transformers..baru beberape bulan,rusuhan demo tak abis2..pelabur2 , orang asing mane nk masuk..
im in lalaland..~
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Post on 31-3-2013 07:16 PM |All posts
ni contoh dah ada punnn..
i love NOBODY ELSE
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Post on 31-3-2013 07:18 PM |All posts
apam posted on 31-3-2013 04:10 PM
ade ke kerajaan yg benar2 berseh dan suci dlm dunia nih? us?, uk?, imf?

ada.......... kerajaan ayah pin....!
#PrayForMH370
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Post on 31-3-2013 07:19 PM |All posts
apasal iceland elok saja dan aman damai bila bangkrap?
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Post on 31-3-2013 07:52 PM |All posts
kalau jadi mcm ni kqt malaysia apa mat sabu nak buat?
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Post on 31-3-2013 07:57 PM |All posts
sebab tu kena ada balance...pemerintah dan pembangkang kena sama kuat, check and balance...rakyat sebagai boss kena nilai manusia2 yg bakal memerintah...
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Post on 31-3-2013 08:22 PM |All posts
Acong posted on 31-3-2013 07:19 PM
apasal iceland elok saja dan aman damai bila bangkrap?

pendapat racist aku:-......iceland bukan negara isle, jadi layanan, terma2 dan sapot agak berbeza dgn negara2 isle termasukla malaysia nih......tu pasal, aku rasa tak adil kalau kita nak benchmark kan negara isle malaysia dgn negara2 bukan isle dlm keadaan suasana politik, ekonomi dan media dikuasai oleh bukan isle especeli yahud.........ke guaner be?
jejejejejejejejeje
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Post on 31-3-2013 08:27 PM |All posts
jual je la segala khazah tinggalan firaun. boleh cover tak?
you're a tw*t!
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Post on 31-3-2013 08:34 PM |All posts
Salah satu contoh terlebih demokrasi
GETdaHELL..
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Post on 31-3-2013 09:33 PM |All posts
majulah ketuanan ereb spring..
yang di poja2 dan menjadi inspirasi penyokong pembangkang mulaysia..
come on pembangkang.. buat huru hara di malaysia pulak..
aku nak tengok worang mulaysia yang buduh ni merana macam negara2 ereb spring..

tapi aku curiga..
sebab negara2 ereb yg berkaitan, ramai menganggur dan ramai hidup kais ayam..
orang mulaysia pulak bergaduh sebab kuciwa tak dapat makan ayam KFC dan burger mcd free..

come on pembangkang.. kita REFORMASI !!
ayuh kita berdemo di dataran merdeka sekarang..
bawak anak isteri, kita berkhemah di sana..
macam ereb mesir berkampung di dataran tahrir..
boring2 kita boleh bakar bas dan kereta yang lalu lalang di sana..

ada sorang pakcik sedara aku..
excited bebenor cerita pasal arab spring.. kebangkitan rakyat kekdahnya..
lepas tu cerita pulak pasal anak2 dia.. selalu bawak jalan2..
lepas tu nak makan apa jer semua dia kasik, tak berkira kekdahnya..
macam mana nak berjuang ala ereb spring kalo hidup selalu dalam kesenangan..
worang mulaysia nih kalo berpolitaik, ramai poyo jer lebih.. Last edited by capiloton on 31-3-2013 10:07 PM

YM - neo05080201
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