Annual inflation in Egypt hit 39.7 percent in August, official figures showed Sunday, an all-time high for the country as it grapples with a punishing economic crisis.
purchase Egyptian state assets have fallen short of government targets.
Even before the current crisis, 30 percent of Egyptians were living below the poverty line, according to the World Bank, with another 30 percent vulnerable to falling into poverty.
Egypt, the Arab world’s most populous country, has been dependent on bailouts in recent years, from both Gulf allies and the International Monetary Fund.
Last year, the IMF approved a $3 billion loan for Egypt conditioned on “a permanent shift to a flexible exchange rate regime”.
The country’s external debt bill has tripled over the past decade, rising to a record high of $165.4 billion this year, according to Ministry of Planning figures.
Source : France 24