Egypt’s annual urban consumer inflation rate rose to 21.3 percent in December 2022—the highest since the end of 2017, according to Asharq Al-Awsat (reporting data from CAPMAS). MEI reports that by the end of August 2022, international reserves had declined to $32.2 billion, made up mostly of deposits by oil-rich Persian Gulf countries (e.g., UAE, Saudi Arabia, and Qatar) that rushed to help their key ally.

Egypt recently started a $3 billion IMF program that calls for reducing the state’s footprint in the economy, liberalizing the exchange rate, rationalizing spending, and includes a goal of raising $2-2.5 billion by mid-year from the sale of state assets, according to Reuters.

Located about 28 miles east of Cairo, Egypt’s yet-to-be-named new administrative capital has been under construction since 2015 and is estimated to have cost $59 billion, according to The New York Times. The megaproject includes construction of the Iconic Tower which, at 393 meters (~1,289ft), will be Africa’s tallest building, according to The B1M.

Last Updated on February 13, 2023 by Ramin Seddiq