Anwar El-Sadat, Chairman of Reform and Development Party, stated that he is deeply concerned about the current economic situation of Egypt especially in light of a global deterioration driven by the slowdown in China and the decrease in oil prices that affects our Gulf partners. Such developments contribute to the loss of regular sources of foreign currency. The severe depletion of our foreign currency reserves is pushing traders to resort to black markets, which pressures down the pound to unprecedented levels. Meanwhile, the government is trying to sort a way out for such a structural problem by continuing to borrow from the World Bank...
