Egypt’s foreign reserves give cause for concern

Egypt foreign reserves lost value at an accelerated rate last month, even as a cash injection from abroad raised the fund’s net worth for the first time since October.

Egypt’s foreign currency reserves stood at $14.42bn at the end of April – up from a 10-year low of $13.4bn at the end of March. The cash and gold reserves, critical for financing imports, were boosted by $2bn in cash deposits by oil-rich neighbouring Libya, according to central bank information cited on Wednesday by the state-owned Ahram newspaper’s website.

The Egyptian stock market’s benchmark EGX30 index advanced half a per cent on the news.

Administrator has sent a message to members with the following characteristics:

The White House Office of the Press Secretary sent CopticWorld a message from President Obama for the occassion of Easter to forward to all of our members:

This weekend, Michelle and I extend our best wishes to members of the Orthodox Christian community here in America and around the world as they observe Holy Friday and the Feast of the Resurrection. For millions of Orthodox Christians, this is a joyful time. But it’s also a reminder of the sacrifice Christ made so that we might have eternal life. His decision to choose love in the face of hate; hope in the face of despair is an example we should always strive to follow. But it’s especially important to remember this year, as members of the Orthodox community have been confronted with persecution and violence, particularly in the Middle East and North Africa. For centuries, the region and the world has been enriched by the contributions of Orthodox communities in countries like Egypt, Lebanon, Syr ia, and Iraq. As a nation, we reaffirm our commitment to protecting universal human rights including the freedom of religion. And in this season of hope and restoration, we celebrate the transformational power of sacrificial love.


Egypt’s president reaching compromise with senior judges to scrap contentious law

By Associated Press

CAIRO — The Egyptian president’s office indicated Sunday a compromise has been reached with the judiciary to defuse an uproar over a proposed law that would have forced out thousands of the country’s most senior judges.

Just three days earlier, the country’s Islamist-led parliament pushed ahead with the disputed bill that would have lowered the retirement age for judges from 70 to 60. That would affect nearly a quarter of Egypt’s 13,000 judges and prosecution officials.

Sky News 

One Boston marathon bombing suspect has been shot dead and another is on the loose, police have said.

It follows a shootout in Watertown between the two suspects and dozens of armed officers after a policeman was shot dead at Massachusetts Institute Of Technology, nine miles from Boston city centre.

Boston Police commissioner Ed Davis said: "What we are looking for right now is a suspect consistent with the description of suspect number two - the white-capped individual who was involved in Monday's bombing of the Boston Marathon.


Egyptian activists tell govt religious identification 'None of your business'


Photo of an Egyptian identity card that reads: "woman - and that's all (instead of 'religion') - single."

In Egypt, identity cards feature a citizen’s name, picture, profession… and religion! A group of young Egyptian activists feels that this last bit of information is irrelevant, and have launched a Facebook campaign against what they see as government intrusiveness.


IMF team leaves Egypt without broad backing from opposition for government’s economic plan

The IMF said in a statement that its delegation met with a range of political figures and Cabinet officials during the nearly two week-long visit that ended late Monday. In previous, shorter trips, the IMF has only focused on meeting with government officials.

The country’s political polarization has further delayed reaching agreement around the deal.

Finance Minister El-Morsi Hegazi, who will meet with officials in Washington D.C. this weekend for annual IMF and World Bank meetings, said the government’s meetings with the international lender were “fruitful.”

 Egypt's Christian Pope blasts Islamist president


CAIRO (AP) — The leader of Egypt's Coptic Orthodox Church on Tuesday blasted the country's Islamist president over his handling of recent deadly sectarian violence, including an attack on the main cathedral in Cairo.
The remarks by Pope Tawadros II underscore rising Muslim-Christian tensions in Egypt. They were his first direct criticism of President Mohammed Morsi since he was enthroned in November as the spiritual leader of Egypt's Orthodox Christians. They are also likely to fuel political turmoil that has been roiling the country since the ouster of autocrat Hosni Mubarak two years ago.


Egypt calls in favors as credit crunch hits key imports

A man is reflected on a door of an exchange bureau in central Cairo, March 25, 2013. REUTERS/Asmaa Waguih

By Julia Payne, Sarah McFarlane and Yasmine Saleh

LONDON/CAIRO | Thu Mar 28, 2013 12:35pm EDT

LONDON/CAIRO (Reuters) - Egypt has hit breaking point in its ability to pay for imports of oil, wheat and other basic commodities, forcing it to call in diplomatic favors or seek easy payment terms from suppliers who hope for future advantage in return.


Egypt mourns Mohamed Yousri Salama

Political figures from across political spectrum offer condolences on death of Mohamed Yousri Salama who died on Sunday aged 39

Mohamed Yousri Salama, one of the Constitution Party founders


Political activist and scholar Mohamed Yousri Salama has died aged 39 from a stomach condition.


Salama was spokesperson for the Salafist Nour Party when it emerged as a significant political force after the January 25 Revolution.

He resigned from the party in August 2011 less than three months before it came second to the Muslim Brotherhood's Freedom and Justice Party in Egypt's first post-revolution parliamentary elections.

I cannot remain the spokesman for a party that does not represent my views, Salama said at the time.


Egypt women's council slams Islamist rejection of UN rights document

Head of Egypt's Women's Rights Council criticises Muslim Brotherhood's negative stance regarding controversial UN declaration on women's rights

Egypt's official women's rights council says Islamists who reject a UN blueprint to combat violence against women and girls are promoting the idea that Islam favors violence against women. 

Last week, 131 countries at the United Nations approved the non-binding document to combat violence against women and girls. Egypt's ruling Muslim Brotherhood strongly objected to the document, saying it clashed with Islamic principles and sought to destroy the family.


Egypt is not lost to Islamists: RAND report  

The think tank's most recent report on Egypt is to be launched today in the US Congress  

After analysing post-revolution voting in Egypt, RAND, a US think tank, reports that Islamists are losing ground and recommends the US not interfere in Egyptian politics.


'Voting Patterns in Post-Mubarak Egypt,' issued by RAND, a non-profit organisation that provides research and analysis to US policymakers, analyses four major votes that followed the 25 January revolution and identifies areas within Egypt where Islamists run strongest and, conversely, where non-Islamists are most competitive.

In a press briefing in the US Congress RAND will announce the publication of their new report.

The report reveals that Islamists showed their strongest performance in Upper Egypt, North Sinai and the "sparsely populated" governorates in the west, while non-Islamist parties proved popular in Cairo, Port Said, South Sinai and the Red Sea governorates.



Thousands protest at Egypt’s Muslim Brotherhood offices

By Maggie Michael

An Egyptian boy wearing a Guy Fawkes Mask held bread, a symbol of poverty, during an anti-Muslim Brotherhood demonstration in Cairo, Egypt, Friday, March 22, 2013.

Amr Nabil/AP Photo

An Egyptian boy wearing a Guy Fawkes Mask held bread, a symbol of poverty, during an anti-Muslim Brotherhood demonstration in Cairo, Egypt, Friday, March 22, 2013.

CAIRO (AP) — Egyptian protesters clashed with the president’s Muslim Brotherhood backers and ransacked three offices nationwide Friday as anger over allegations of beatings and power-grabbing boiled over into the largest and most violent demonstrations yet on the doorstep of the powerful group.

Anger erupted a week ago when Brotherhood members beat journalists and liberal and secular activists during a protest outside the group’s Cairo headquarters. Journalists were there to cover a meeting. Protesters demand an apology, but the fundamentalist movement said its guards were provoked and acted in self-defense.

Egypt downgraded by Moody’s, again

Moody’s Investors Service downgraded Egypt’s government bond rating to Caa1 from B3 on Thursday, moving the country to seven notches below investment grade – barely a month after its previous downgrade on February 12.

The downgrade takes Egypt, by Moody’s definition, from obligations “considered speculative and… subject to high credit risk” to those “judged to be of poor standing and… subject to very high credit risk.”

The news came shortly before Egypt’s central bank was due to announce its latest decision on interest rates on Thursday afternoon. For the first time in more than a year, Bloomberg reported, analysts are split over what the move will be. Most expect the bank to stay put at 9.25 per cent in a bid to leave room for the economy to grow. But Bloomberg said two out of the seven market economists it polls expected a rate increase to deal with the threat of inflation.

Here is how Moody’s explained its downgrade:


Locusts Swarm Egypt, Put Israel On High Alert Ahead Of Passover


JERUSALEM — Israel is on a locust alert as swarms of the destructive bugs descend on neighboring Egypt ahead of the Passover holiday.

Israel's Agriculture Ministry set up an emergency hotline Monday and is asking Israelis to be vigilant in reporting locust sightings to prevent an outbreak.

Locusts have a devastating effect on agriculture by quickly stripping crops.

Swarms of locusts have descended on Egypt, raising fears they could spread to Israel.

Egypt hits problems over IMF loan

Egypt’s efforts to secure a critical $4.8bn loan from the International Monetary Fund have run into fresh difficulty, possibly leading the government to seek emergency financing to avoid economic collapse.

The IMF is believed to have expressed reservations over the government’s economic plan needed to seal an agreement that has been in the works, on and off, for almost two years, according to people familiar with the negotiations.

At a time when Egypt’s foreign reserves have reached $13.5bn, below the critical level of two months of imports, and the government is being forced to cut its imports of fuel and wheat, Cairo is thought to favour a gradual approach to reform. Another complicating factor in IMF negotiations is the fact that Mohamed Morsi, the Islamist president, is reluctant to introduce measures such as a sales tax ahead of parliamentary elections.


Egypt struggles as joblessness soars

Until he lost his job earlier this year, Emad Saqr used to oversee six shops selling souvenirs dotted around different hotels in the Egyptian Red Sea resort town of Sharm el-Sheikh.

The owner had to shut them down, Mr Saqr explains, because he could no longer afford the high rents charged by the hotels which had made sense during the boom years before the 2011 revolution.

Now the 34-year-old, married with two small children, has returned to his home town of Alexandria, where the family is living off his savings supplemented by gifts of food from his parents.


Egypt police shoot dead protester in Port Said clashes

Protesters shout slogans at riot police during clashes along Qasr Al Nil bridge, which leads to Tahrir Square in Cairo, on 7 March 2013. (Photo: Reuters - Amr Abdallah Dalsh)

Police shot dead an Egyptian protester overnight Friday in a fifth consecutive day of clashes in the restive city of Port Said, a doctor said.

Karim Sayid Abdel Aziz, 33, died of a bullet wound to the head, said physician Mohammed Arnous who treated him in a Port Said hospital. Abdel Aziz had been shot three times.


Egypt cancels parliamentary vote dates after court ruling

Riot police try to stop clashes and ask protesters, opposing Egyptian President Mohamed Mursi, to back away along Qasr Al Nil bridge, which leads to Tahrir Square in Cairo March 7, 2013. REUTERS-Amr Abdallah Dalsh
By Yasmine Saleh

CAIRO (Reuters) - Egypt's election committee has scrapped a timetable under which voting for the lower house of parliament should have begun next month, state media reported on Thursday, following a court ruling that threw the entire polling process into confusion.

Egypt now lies in limbo, with no election dates at a time when uncertainty is taking a heavy toll on the economy - the Egyptian pound is falling, foreign currency reserves are sliding and the budget deficit is soaring to an unmanageable level.

The political crisis deepened on Wednesday when the Administrative Court canceled a decree issued by President Mohamed Mursi calling the election.

Screen shot 2012-11-02 at 3.46.37 PM 

Two Egyptian Boys Convicted of Desecrating Koran, but Released

Judge quietly sends Coptic Christian children home; appeal denied.

By Our Middle East Correspondent, Egypt, March 6, 2013 (Morning Star News) – A court in Egypt has quietly found two Coptic Christian boys guilty of “showing contempt for Islam” but only remanded them to the custody of their parents, an attorney for one of the children said.

In a case of alleged blasphemy that inflamed passions in provincial Egypt, a judge in Beni Suef, 62 miles south of Cairo, ruled the two boys guilty of desecrating pages of the Koran in spite of conflicting statements by the accuser and doubts about the functionally illiterate boys’ capacity to identify Koranic verses, attorney Karam Ghoubrial said.

The judge cited the boys’ age in the light sentence; they were 9 and 10 at the time of the Sept. 30 incident. By issuing a guilty verdict in near secrecy on Feb. 4 – the ruling came to light only the past week – and declining to hand down prison time or a fine, the judge seems to have averted foreign criticism while quelling the anger of Muslim villagers.


Kerry in Egypt 'with a poor hand of cards' as IMF money mean cuts and tax increases

US Secretary of State John Kerry waves goodbye as he leaves Cairo March 3, 2013

The US bet their money on the wrong horse by backing the ‘undemocratic’ Muslim Brotherhood in Egypt, geopolitical analyst F. William Engdahl told RT, adding that the IMF loan for which Washington is pushing, will make people’s life even harder in Egypt.

Kerry’s arrival in Cairo on March 2 has been greeted with street riots in several of the country’s cities, which saw one person killed and dozens injured. The country’s opposition leader, Hamdeen Sabahi, and his ally, Mohamed ElBaradei, have turned down invitations to meet with the new US Secretary of the State, due to America’s backing of the Muslim Brotherhood.

The aim of Kerry’s visit is to persuade Egypt to pass a set of unpopular reforms in order to qualify for a $4.8 billion International Monetary Fund loan package, with the US also promising to provide $450 million of financial help of their own to Mohamed Morsi’s government because of its promises of economic and political reforms.

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