• 09:53
  • Friday ,16 September 2016

Media ignores Egypt's strong economy

Michel Fahmy

Article Of The Day


Friday ,16 September 2016

Media ignores Egypt's strong economy

Egypt is facing a fierce war, but it is not new, since Egypt has experienced all kinds of wars like economic blockade, tourism targeting, preventing the supply of arms, wars of rumors. This happened under the rule of Gamal Abdel Nasser, Mohd Anwar Sadat, and Mohamed Hosni Mubarak. However, these wars became slightly different under the rule of President Abdul Fattah al-Sisi who faced more traitors on the inside including journalists, media and human rights activists. They complained the increasing prices like the poor, but received millions of dollars from foreign countries and organizations. 

Of course they ignored the financial crises in several Gulf countries. For instance: Saudi Arabia is suffering from a severe financial crisis, which led her to lift subsidies on gasoline and imposing new taxes and increase some pilgrimage fees. Not to mention the deterioration in US-Saudi Arabia relations that was revealed by a new law to allow the families of victims of September 11 to sue the Kingdom of Saudi Arabia seeking billions of dollars in compensation. However, the media in the Saudi Arabia has never criticized the situation or complained about the increasing prices.
The decreasing in the international prices of petrol affected Qatar so badly. This caused the first deficit in the history of Qatar estimated at $ 20 billion in 2015. The state has removed subsidies on electricity and energy, and reduced its international commitments and dismissed thousands of workers in the state in addition to many austerity measures that are taken for the first time in Qatar.
Kuwait took several austerity measures including the removal of subsidies on fuel and imposed new taxes in order to cope with the unstable global prices of oil.
Kingdom of Bahrain also took several austerity measures including the removal of subsidies on fuel and imposed new taxes in order to face the deficit estimated at $ 8 billion in 2016. It also reduced the government projects by 65% 
Egypt is suffering like the other countries, but the reasons are slightly different including the tourism crisis and global financial crises. It is trying to carry out reform plans of the economy, and reduce the budget deficit. IMF granted Egypt an international certificate by accepting to grant her $ 9 billion loan. However, our media is not able to see any achievement and keeps crying on the spelt milk.