First Independent Mena Newspaper
The military backed interim government will be embarking on its second economic stimulus package with an amount of 30 billion Egyptian pounds after allocating 29,6 billion in the first operation. Finance Minister Ahmed Galal said the package will be financed by state funds and aid received from the Gulf States. Egypt’s economy has been on […]
The Central Bank has announced that foreign exchange reserves have reached new levels since the interim government took over in July. This report marks the third consecutive time that the reserves have been depleting. Analysts have claimed that the trend will continue till the end of the year. The country’s reserves dropped from $18,6 billion […]
Egyptian officials have renewed their efforts to draw back investors, especially in the energy sector, at an investment conference by paying the debts owed to foreign oil companies. Prime Minister Hazem el-Beblawi said that $1,5billion of the $6billion debt has been approved. The Egyptian economy is suffering from the political crisis which has driven away […]
Violence in Egypt can reach new heights as pro-Morsi supporters prepare to hold “Friday of martyrs” demonstrations. The march will be in honor of the hundreds of people who have lost their lives in the standoff against the military. The leaders of the previous demonstrations are from the Muslim Brotherhood. Most of them have been […]
Egypt’s Ministry for Foreign Affairs has summoned Tunisia and Turkey’s ambassadors’ respectively, in what it considers being a mingling in its internal affairs with respect to comments made by government officials from the two countries. These countries did not welcome the removal of President Mohammed Morsi from power by the military. The Minister of Foreign […]
World rating agency Standard & Poors has downgraded its long-term foreign- and local-currency sovereign credit ratings of Egypt to ‘B-‘ from ‘B’. It has also switched its outlook is negative, citing recent political developments that weakened Egypt’s institutions and the increasingly polarized political discourse that could undermine the effectiveness of policy-making. According to S&P, a […]
President Morsi’s outstanding powers has led to demonstrations in the streets demanding him to relinquish them and it has made it effects on Egypt’s benchmark stock index is as it fell by almost 10% in the first trading session since the presidential decrees. The ongoing political tensions in an already paralyzed economy spread swiftly through […]
When, in 1949, Mao Zedong forced Chiang Kai-Shek’s army to retreat from mainland China, thus consolidating the Communist Party’s grip over the People’s Republic, the reverberations could be felt across the world. In the United States, Republicans put forward a poignant, yet rhetoric question: Who Lost China? In the eyes of the Republicans, the answer […]
US House lawmakers have blocked a $450 million emergency aid the Obama administration was planning to give to the new government of President Mohammed Morsi, facing unprecedented economic crisis, with an estimated budget deficit of $12 billion. Republican Rep. Kay Granger of Texas, chairwoman of the Appropriations subcommittee on foreign operations, says “I am not […]
To comprehend the current role and position of the Muslim Brotherhood in Egypt, rather than focusing only on its present-day form and the general policies of this movement, we must take a closer look at the historical evolution of this organization. One will then realize that the Muslim Brotherhood is not an entity that could […]