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CNN英语新闻:IMF批准向埃及提供120亿美元贷款

比目鱼 于2016-11-19发布 l 已有人浏览
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为帮助埃及摆脱经济困境,国际货币基金组织将向埃及提供120亿美元贷款。
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For the struggling economy of Egypt, aid is on the way in the form of the $12 billion loan from the International Monetary Fund. The IMF is an organization of 189 countries. It aims to stabilize global economies and it gives loans to member countries that need it. Egypt is one of those countries.

Since the so-called "Arab Spring" led to the overthrow of its leader in 2011, Egypt's economy has been on a slide. Political struggles and terrorist attacks have hurt Egypt's tourism and foreign investment and the IMF loan can help.

But in order to get it, Egypt's government had to create a sales tax. It had to stop giving financial aid to help Egyptians pay for electricity. It had to raise the price of gasoline and it had to float its currency, allowing the value of the Egyptian pound to change based on supply and demand.

Taking these steps help Egypt secure the loan it needed from the IMF. But the consequences are hurting ordinary Egyptians.

IAN LEE, CNN CORRESPONDENT: The pinch felt hardest at the market. Food prices increased by as much as 50 percent. Overnight, the Egyptian pound lost half its value against the dollar. The Central Bank floated the currency earlier this month.

"I have four kids. I can't provide for them. Egyptian money is worthless. This 200 pound note has become essentially 20," says this street vendor.

"The increase in fuel prices pushed everything up," says this fruit vendor. "Transportation from the market has doubled. So, we increase our prices too. Now, whoever used to buy two kilograms buys one kilo."

The price at the pump rose 40 percent as the government cuts subsidies. Another hit came last week when Saudi Arabia's Aramco suspended a $23 billion deal, stopping a monthly delivery of 700,000 tons of refined oil products for five years. No reason was given.

The average Egyptian made the equivalent of roughly $140 a month before the difficult but necessary devaluation. Now, it's about $70, putting them barely above the poverty line.

Making things worse, there's a drug shortage. This factory produces crucial heart disease medication and antibiotics. Its marketing director says they're struggling to keep up with demand because the government sets prices at the pharmacies artificially low, adding they only have enough raw materials for three to four months.

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