Even in the absence of a new crisis, soaring debt servicing costs will constrain efforts to tackle climate change and care for aging populations. More worryingly still, as debt burdens grow, governments could find themselves unable to borrow more to service existing obligations and fund basic services adequately. Mortgage rates and other borrowing costs soared as investors demanded much higher premiums for owning UK debt. Mounting debt and political brinksmanship have already taken their toll on America’s credit rating, which typically affects borrowing costs for the government, businesses and households. And that would increase the government’s borrowing costs.

CAIRO – 14 January 2024: Member of the House of Representatives Ashraf Amin demanded the government to ban the import of Ramadan products that are dried fruits and lamps given the shortage in foreign currency the country is enduring pointing out that the bill of such goods amounted to $30 million in 2023. CAPMAS added that the country’s imports decreased by 21 percent on a yearly basis, totaling $58.5 billion, compared to $74 billion for the same period in 2022. Egypt is striving to boost its exports and reduce imports to improve its foreign currency reserves, which have been in short supply since the onset of the Russo-Ukrainian crisis in late February 2022. To ease pressure on the dollar, the government implemented some restrictions on imports, exempting essential goods and crucial production requirements for local manufacturing. Until the end of September 2023, the government released goods and commodities from Egyptian ports, with a total value of $53.7 billion.

The Sudanese Sovereign Council announced Saturday it would not participate in next Thursday’s Inter-governmental Authority on Development (IGAD) summit in Uganda, dedicated to regional crises in Sudan, Somalia, and Ethiopia. The Council stated that “a summit for Sudan is unnecessary before implementing the outcomes of the previous one,” held in Djibouti in December 2023. At the heart of Khartoum’s objection lies a sense of unfulfilled promises from the previous IGAD summit held in Djibouti in December 2023. This perceived lack of accountability and commitment from the regional body eroded Khartoum’s trust, ultimately leading to their refusal to participate in the upcoming summit. His willingness to engage with IGAD despite Khartoum’s boycott underscores the internal divisions within Sudan’s power structure.

The Suez Canal experienced a 40-percent decline in dollar revenues from 1-11 January, 2024, compared to the same period last year, according to Osama Rabie, Chairman of the Suez Canal Authority (SCA). In a phone-in, Rabie attributed the drop to tensions in the Red Sea, which have affected traffic through the international waterway. He emphasized that the Suez Canal remains the most efficient and secure route for cargo ships, saving time, fuel, and money. The Suez Canal is a vital link between Asia and Europe, facilitating approximately 12 percent of global trade. Over the past weeks, the Houthis of Yemen have launched attacks against Israel-linked ships against the backdrop of the Israeli aggression in the Gaza Strip.

He added that the government is working on completing a comprehensive and integrated development to enhance both the tax and customs systems. Maait stated that these electronic systems increased tax revenues by 26.9% during the last fiscal year without imposing additional burdens on investors. The minister emphasized that mechanized tax systems help expedite tax examination procedures, to complete them annually. This new law uses a simplified fixed tax system, and its executive regulations have been issued. The government is committed to expediting customs clearance for strategic goods, medicines, petroleum products, fuel, and production essentials for priority sectors.

Some stars were adored by the fans who cheered their names in theaters and awarded them many prizes. But as time goes by and our stars age, producers lose interest in casting them, and the situation changes. The spotlight fades away, the cameras turn elsewhere, and producers, directors, and even writers abandon them, who once were eager to work with them. In the following lines, we will learn about who retired and who is facing retirement. Last but not least, the megastar Adel Imam is unexpected to resume artistic work again due to his health condition, which prevents him from going out or engaging in social or artistic activities.

Egypt’s Cabinet approved the implementation of 14 urban development clusters in North Sinai by the Central Agency for Reconstruction. In November, Prime Minister Mostafa Madbouly unveiled the North Sinai Development Vision, which consists of 302 projects worth EGP 363bn until June 2030. He announced this during a press conference in Arish, where he launched the second phase of the government’s development plan for North Sinai. He also expressed the Egyptians’ willingness to sacrifice their lives to protect every inch of Egypt’s North Sinai. Among the notable projects is the desalination plant in North Sinai.

CAIRO - 13 January 2024: The Egyptian Official Gazette published Presidential Decree No. 1 of 2024, concerning the pardon of the remainder of the sentence for some convicts on the occasion of Police Day and the January 25 Revolution, which fell on January 25, 2024. It also applies to convicts who have been sentenced to life imprisonment, but who have served at least 20 years of their sentence. The decree is expected to benefit thousands of prisoners in Egypt. It is seen as a gesture of goodwill by the Egyptian government on the occasion of two important national holidays.

International and humanitarian laws consider deliberately obstructing the delivery of humanitarian aid a war crime because it collectively punishes civilians. Dozens of trucks and convoys of supplies piled up at the Rafah crossing with no hope of entering the besieged Gaza Strip. However, Prime Minister Benjamin Netanyahu has repeatedly stated, "We will not allow humanitarian aid from food and medicine from our land to enter the Gaza Strip." The Rafah land crossing has two gates, not one as is commonly believed. Therefore, Egypt was negotiating the exit of dual nationals in exchange for the entry of aid to the Gaza Strip.

CAIRO – 12 January 2024: ‏ Egypt is concerned over the escalation of military operations in the Red Sea region and the air strikes that were directed to a number of areas inside Yemen. In a foreign ministry statement, Egypt called for the necessity of uniting regional and international efforts in order to reduce tension and instability in the region, including the security of navigation in the Red Sea. In the statement, the Ministry of Foreign Affairs said Egypt considered the dangerous and accelerating developments taking place in the southern Red Sea region and Yemen as a clear indication of what it had previously and repeatedly warned of, regarding the dangers of expanding the conflict in the region as a result of the continued Israeli attacks in the Gaza Strip. A comprehensive ceasefire and an end to the ongoing war against Palestinian civilians was urged, to spare the region further instability, conflicts and threats to international peace and security, the statement concluded.

Egypt has called on the Israeli side to stop obstructing or delaying the entry of aid under the pretext of inspecting it and to stop preventing the flow of humanitarian aid to the Strip. Egypt has made these announcements numerous times in official statements, beginning with the President, the Foreign Ministry, and all parties concerned, Rashwan said. In the end, the amount of aid entered the Strip was as announced at the time, he added. The Israeli authorities have six crossing points with the Gaza Strip, which they must open right away for trade rather than the entry of aid if they truly want food, fuel, and medical supplies to reach the Gaza Strip. This is especially important given that trade with the Gaza Strip accounted for more than $4.7 billion in 2022, he concluded.

“There is no safe place in Gaza strip as extensive Israeli occupation bombardment persisted throughout the Gaza Strip from air, land, and sea especially in the refugee camps in central Gaza,” the statement read. This surge in population is a consequence of heightened Israeli aggression in Khan Younis and Deir al Balah compounded by evacuation orders issued by the Israeli occupation. As of 30 December, it is estimated that about 65,000 housing units across Gaza Strip have been destroyed or rendered uninhabitable and over 290,000 housing units have been damaged. In the West Bank and Jerusalem, a total of 343 Palestinians, have been martyred by the Israeli Occupation forces since 7 October. Meanwhile, Israeli occupation forces have injured about 4000 Palestinian civilians, including at least 593 children.

It also called for restraint and the avoidance of escalation as the US and UK carried out strikes on multiple targets inside Yemen belonging to the Houthi rebel group, Al Ekhbariya news channel reported. "The Kingdom of Saudi Arabia is closely monitoring with great concern the military operations taking place in the Red Sea region and the airstrikes that several locations in the Republic of Yemen have been subjected to," the Foreign Ministry stated in a statement. US President Joe Biden said strikes on Houthi sites in Yemen a direct response to rebels' Red Sea attacks. Australia has supported the US and UK militaries as they launched more than a dozen airstrikes against sites used by Iran-backed Houthis in Yemen, The Guardian reported. “The US and Britain will have to prepare to pay a heavy price” for the strikes, said the Houthis’ deputy foreign minister, Hussein Al-Ezzi.

Egypt - The President of the Egyptian Apparel Export Council, Marie Louis Bishara, has announced that the garment sector’s exports amounted to $2.2bn during the period from January to November 2023. She added that Spain was the top European importer of clothing, with a value of $116m in the first 11 months of 2023, compared to $87m in the same period of 2022, an increase of 33%. The sector’s exports to the Netherlands also increased by 5% to record $62m during the period from January to November 2023, compared to $59m during the same period in 2022, while exports to Turkey jumped to $215m from $140m, an increase of 54%. Bishara noted that the sector’s exports to Arab countries also witnessed a noticeable increase, with Saudi Arabia leading the list, recording a 68% increase to reach $89m in the period from January to November 2023, compared to $53m. Additionally, exports to Libya also increased to a record $60m from $33m, an increase of 82%.

However, Egypt will largely count on flair this time around with current coach Rui Vitoria drastically altering tactics after taking over in 2022. Egypt have won 12 times in 14 games under Vitoria, their only loss against Tunisia in a friendly in September. "I was happy with our displays in the previous (Cup of Nations) but we were unlucky. We will do our best to do even better this time around," Salah told Egyptian President Abdel Fattah al-Sisi last week. Egypt also face Ghana and Cape Verde in Group B in the Ivory Coast.