This information has been given in the report of the news website DW. The thing to think about is that for how many days half a kg of rice can fill the stomach of a family of four-five people. The value of the Egyptian currency has fallen by nearly a third since late October. The current inflation rate in the country is more than 20 percent. Some economists suspect the situation is worse. They show the informal rate as high as 101 percent. Food prices have doubled and salaries have halved. Banks have limited the amount of cash that can be withdrawn from the accounts.
Situation like Lebanon and Pakistan in Egypt
The economic fallout that people are currently experiencing in Egypt is similar to the devastating crisis in Lebanon since 2019. The condition of Egypt has become worse than that of Pakistan where apart from back-breaking inflation, the people are facing shortage of flour and pulses. According to the report, Egypt’s current economic difficulties have many internal causes, including political unrest, corruption and government mismanagement.
First Corona then war broke the back
First the Corona virus and then the Russia-Ukraine war played a big role in worsening Egypt’s condition. The pandemic completely destroyed the country’s tourism, which used to earn the most. After this, the Russia-Ukraine war started last year, which broke the supply chain of wheat and other things on a large scale. Egypt is a Muslim country but no Islamic nation is helping it. In such a situation, India is continuously sending wheat to him and extending a helping hand.
(If you want to read the latest and quality news related to the world and science on your WhatsApp, please click here.)