Posted 4/8/2024, 10:10:39 AM
Egypt Faces Mounting Energy Crisis Threatening Economic Comeback
- Egypt faces an energy crisis despite progress in rebuilding its economy with a $50 billion bailout
- Power blackouts threaten to undermine Egypt's foreign reserves and renewed economic growth
- Egypt now must import liquefied natural gas due to domestic shortages during hot summers
- Importing LNG poses further strain on Egypt's finances and foreign exchange reserves
- Another summer of blackouts could exacerbate high inflation and pressure on Egyptian consumers