Egypt Roundup: Declining birth and death rates, exports, banking sector challenges

Buildings and houses are seen through the window of an airplane above Cairo

An aerial view of Cairo's traffic with buildings and houses is pictured through the window of the Lebanese Middle East Airlines (MEA) airplane, in Cairo, Egypt, October 17, 2024. Egypt's population has reached more than 106 million according to the Central Agency for Public Mobilization and Statistics (CAPMAS). REUTERS/Amr Abdallah Dalsh

Source: REUTERS

Detained journalist sentenced

A Cairo criminal court has sentenced detained journalist Yasser Abu Al-Ela to life in absentia on terrorism-related charges without legal representation, amid ongoing concerns about media freedom in Egypt. According to The New Arab, the Egyptian Journalists' Syndicate condemned the ruling, stating it strips him of his legal rights. Abu Al-Ela, detained since March 10, reportedly faced physical violations while in custody. A systematic crackdown on journalists in Egypt has escalated, with many facing similar charges, including satirical cartoonist Ashraf Omar and former MBC journalist Khaled Mamdouh. Rights groups accuse authorities of using trumped-up charges to keep journalists incarcerated without trials, reflecting severe restrictions on media freedom since President Abdel-Fattah al-Sisi took power in 2013.

Banking sector challenges

Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), highlighted the challenges facing the banking sector amid regional pressures during the 18th "People and Banks" Conference. He emphasised the CBE's support for banks in expanding to new markets and attracting investments in both local and foreign currencies, Egypt Today reported. Abdalla noted the banking sector's crucial role in financing green projects and contributing to sustainable development, aligning with global initiatives from organisations like the World Bank and IMF. The CBE is committed to enhancing banks' financial positions and emphasises cybersecurity amid increasing threats to financial institutions, advocating for collaboration between public and private sectors to support Egypt's sustainable development goals.

Exports

Egypt's food industry exports reached $4.6 billion from January to September 2024, marking an 18% growth compared to $3.9 billion during the same period in 2023. Arab countries were the largest importers, accounting for $2.4 billion (52% of total exports), followed by the European Union with $953 million (21% of exports), a 42% increase. The top export products included soft drink concentrates ($421 million), flour and starch ($389 million), and frozen strawberries ($337 million), Egypt Today reports. Notably, frozen potato exports surged by 860% to $168 million.

Wheat reserves

Egypt's wheat reserves are currently sufficient for 4.6 months while cooking oil and sugar reserves last for seven and 14 months, respectively, according to Hossam Elgrahy, Deputy Chairman of the General Authority for Supply Commodities. Zaywa reports that the first vessels carrying 430,000 tons of Russian wheat are set to load on November 18th, with delays attributed to logistical issues in Russia, not disputes with Egypt. Additionally, Egypt is avoiding wheat imports from the US due to high freight costs, opting instead for cheaper rates from Black Sea ports.

Declining birth and death rates

The Egyptian Ministry of Health reported a decline in birth and death rates from 2014 to 2023. According to Egypt Today, the birth rate dropped from 2.7 to 2.004, while the death rate increased slightly from 0.532 to 0.581. The total fertility rate is now at 2.54 children per woman. Estimates indicate a population increase of 250,000 every 72 days, translating to approximately 3.472 people per day.

Wonder Hagan