- Title: Egyptians frustrated with post-float price hike
- Date: 8th November 2016
- Summary: CAIRO, EGYPT (NOVEMBER 6, 2016) (REUTERS) VARIOUS OF EXTERIOR OF HIGH CONSTITUTIONAL COURT IN DOWNTOWN CAIRO VARIOUS OF CAIRO TRAFFIC PEOPLE IN THE STREET (SOUNDBITE) (Arabic) EGYPTIAN MAN, ANTAR AHMED, SAYING: "It shouldn't have been now. People can't afford to buy food. People are hungry. There's no food. Those who have kids - what do they do? Do they sell their kids? What should they do with them? Those who have 4, 5 kids - what do they do? Should they sell one of them? People are fed up. The end is near. I have five children. I can't get subsidies, we can't buy medicine, fuel and food and everything - how can we afford anything? We can't find sugar. But drugs are all over the streets. What are we supposed to do?" PEOPLE IN THE STREET (SOUNDBITE) (Arabic) LAWYER, AYMAN HASSAN, SAYING: "What's next? What's going to happen? You aren't offering solutions, you're offering painkillers. You don't have solutions. Is there a purpose for the IMF loan? Are you going to launch projects with this money? There's no purpose, nothing. That money that you're going to get, you're going to use it to repay your debts. To repay your debts or buy what you need. But is there anything new you're planning? Nothing. The government doesn't have a clear vision. Everyone says the government is a failure, but when they announce a decision, everyone applauds." CAIRO TRAFFIC PEOPLE IN STREET (SOUNDBITE) (Arabic) EGYPTIAN MAN, AYAMAN HASSAN, SAYING: "I don't think they (the calls to protest) are real, and hopefully nothing is going to happen on November 11, because the country is already in ruins - you want to go out (and protest) so, that we can sink to what level? Even if protests happen - who will come to power? What will we achieve? There's no one suitable for the position like the one we have right now, but he should have a vision, there should be a purpose to the decisions that are taken." PEOPLE IN CAIRO STREET CAIRO TRAFFIC (SOUNDBITE) (Arabic) EGYPTIAN WOMAN, FATMA YASSIN, SAYING: "The float will affect the poor, of course, not those who are well off, who don't care, but the poor will be the ones crushed by it. The middle class has already been crushed, so that's the problem with floating the pound, and the prices will get even higher." TRAFFIC IN THE STREET VARIOUS OF PEOPLE WALKING IN DOWNTOWN CAIRO STREET
- Embargoed: 23rd November 2016 09:47
- Keywords: Egypt economy floatation currency protests Friday poor
- Location: CAIRO, EGYPT
- City: CAIRO, EGYPT
- Country: Egypt
- Topics: Currencies/Foreign Exchange Markets,Economic Events
- Reuters ID: LVA00157L04LX
- Aspect Ratio: 16:9
- Story Text: With the economy in tatters and the inflation rate at 18 percent, Egyptians have been struggling to make ends meet.
The import-dependant country has faced foreign currency and food shortages in recent months.
The central bank finally floated the Egyptian pound on Thursday (November 3) after months of pressure. The government hiked fuel prices the same day.
Ordinary Egyptians say the measures will make their financial situation even harder.
Antar Ahmed, an odd job man who can't find enough work, says he is already struggling to provide for his five children.
"People can't afford to buy food. People are hungry. There's no food. Those who have kids - what do they do? Do they sell their kids? What should they do with them? Those who have 4, 5 kids - what do they do? Should they sell one of them? People are fed up. The end is near. I have five children. I can't get subsidies, we can't buy medicine, fuel and food and everything - how can we afford anything? We can't find sugar. But drugs are all over the streets. What are we supposed to do?"
By bringing the Egyptian pound down to levels which the markets consider fair value, the devaluation promises to attract fresh capital into the country and end a hard currency shortage that has plagued the economy for years.
While most economists and businessmen praised the move to float the pound, they said it should have happened sooner.
But ordinary Egyptians disagree.
Ayman Hassan, a 45-year-old lawyer, said the government has no vision.
"You aren't offering solutions, you're offering painkillers. You don't have solutions," he said.
Calls for a nationwide protest on November 11 were made before Thursday's measures but have since gained traction.
No organised political group, Islamist, liberal, or leftist, has claimed the call and many prominent activists have distanced themselves from it.
Although frustrated, Hassan is not planning to take part in the protests.
"I don't think they (the calls to protest) are real, and hopefully nothing is going to happen on November 11, because the country is already in ruins - you want to go out (and protest) so, that we can sink to what level? Even if protests happen - who will come to power? What will we achieve?"
Protests are now a rarity in contrast with a few years ago when Egyptians toppled two presidents in as many years by taking to the streets.
General-turned-President Abdel Fattah al-Sisi has effectively crushed dissent since coming to power in 2013. Many say they are angry but too scared to protest.
The November 11 protests remain a mystery. A Facebook event titled "Revolution of the Poor 11/11" was put up in October by a little-known group called the Poor Movement. The now-outlawed Muslim Brotherhood backed the call but most other groups and activists did not.
Ordinary Egyptians on the street say they will not protest despite their anger.
Fatma Yassin, who also does not intend to join protests, said the float will hurt those most in need.
"The float will affect the poor, of course, not those who are well off, who don't care, but the poor will be the ones crushed by it, the middle class has already been crushed, so that's the problem with floating the pound, and the prices will get even higher," she said.
Despite the absence of signs, the November 11 protests will be significant, and the government and state media have shown signs of worry. The leading state newspaper al-Ahram said on Sunday (November 6) that the interior ministry had cancelled all holidays for police officers and was on high alert.
One downtown Cairo bar popular with activists was made to install surveillance cameras inside by the authorities. Owners of similar establishments were gathered in a meeting with security officials and told to report anything suspicious, according to a source close to the matter. - Copyright Holder: REUTERS
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