Economic crises are rippling through the countries bordering Israel. That raises the possibility of a chain reaction from the war against Hamas that further worsens the financial health and political stability of Egypt, Jordan and Lebanon and creates problems well beyond.
FILE - Ajay Banga, World Bank president, participates in global infrastructure and investment forum in New York, Sept. 21, 2023. Economic crises are rippling through the countries bordering Israel. Banga warned at a conference in Saudi Arabia this week that the war puts economic development at a “dangerous juncture.
“Let’s support Egypt,” Michel told reporters afterward. “Egypt needs our support and we need to support Egypt.”of Palestinians and nullify Palestinian demands for statehood. The Egyptian leader also said a mass exodus would risk bringing militants into the Sinai Peninsula. Swift said that while el-Sissi’s regime is heavily dependent on U.S. economic and military assistance, it’s increasingly going to be popular opinion within Egypt that determines his actions, a lesson learned from the Arab Spring protests that brought down the Mubarak regime in 2011.
“If you have this conflagration in Gaza, you need the rest of the region to be stable for everyone to take appropriate and correct action,” Mabrouk said. “You don’t need more instability in a region that is already quite unstable.” A representative from the Egyptian government did not respond to an Associated Press request for comment.
While many businesses have taken to charging in dollars, public employees who still get their wages in lira have seen their purchasing power crash, with many now relying on remittances from relatives abroad to stay afloat. International donors including the United States and Qatar have been subsidizing the salaries of Lebanese army soldiers.
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