In Egypt, IMF deal brings austerity few can afford

By REUTERS
August 20, 2016 11:39

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later

CAIRO - A few years ago Imad would not have imagined himself queuing in the Cairo sun for a weekly ration of subsidized baby milk. But rising prices mean his civil servant's salary barely lasts the month and the government is tightening its belt further.

"Electricity is up, food is up. The only thing that doesn't rise in Egypt is people's pay yet all they talk about is cutting subsidies," said Imad, smartly-dressed like many in the line.

Squeezed by economic and political turmoil since the 2011 uprising that toppled Hosni Mubarak, Egyptians are preparing for a new era of austerity.

The reforms are part of a program to cut the budget deficit and rebalance currency markets promised to the International Monetary Fund (IMF) to secure $12 billion of lending over three years.

But political opposition to measures involving subsidy cuts, devaluation and new taxes while tens of millions rely on state-subsidized food, make the program ambitious.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

Breaking news
September 25, 2018
Iran's Revolutionary Guards call Trump "evil and adventurous"

By REUTERS