Egypt dims lights to boost foreign reserves

An economic crisis spurred by the Ukraine war is casting darkness upon Egypt's streets, as the government dims lights to free up energy for export and bolster hard currency reserves.

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(FILES) In this file photo the sun sets behind high voltage transmission towers (electricity pylons) in Egypt's Qalyubia governorate of the Nile Delta, on June 26, 2022. Depleted foreign currency reserves are casting a shadow on Egyptian streets, with the government moving to dim lights to free up energy for export. More natural gas exports means more hard currency, a dire need as experts say a new loan from the International Monetary Fund (IMF) – and an adjacent currency liberalisation – is inevitable. -- Photo: Khaled Desouki / AFP

2022-08-28 10:14:27

An economic crisis spurred by the Ukraine war is casting darkness upon Egypt's streets, as the government dims lights to free up energy for export and bolster hard currency reserves.

Russia's invasion of Ukraine had an immediate impact on Egypt, the world's biggest wheat importer which has relied on the ex-Soviet states for over 80 percent of its grain.

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