{"text":[[{"start":9.3,"text":"Egypt will reduce street lighting and close shops and cafés early under energy-saving measures as the US and Israeli war against Iran sends fuel prices surging."}],[{"start":21.73,"text":"Most retailers and venues in Cairo, a city known for never sleeping, will have to close at 9pm five days a week from Saturday. Illuminated billboards will be switched off, government buildings will close early and several infrastructure projects requiring heavy use of diesel are being delayed."}],[{"start":42.92,"text":"Prime Minister Mostafa Madbouly said the country’s monthly bill for natural gas imports had tripled to $1.65bn from $560mn before the conflict. The government is considering asking people to work from home one or two days a week, he said. "}],[{"start":62.510000000000005,"text":"“There is no clarity about the duration of this war, and that is the biggest challenge,” he said."}],[{"start":69.75,"text":"Several oil and gas-importing countries across Africa and Asia have sought to curb energy use in the face of higher prices and fuel shortages after Iran largely closed the crucial Strait of Hormuz in retaliation for US and Israeli attacks."}],[{"start":87.28,"text":"Egypt — which is involved in efforts to mediate an end to the war, alongside Pakistan and Turkey — depends heavily on imported food and natural gas, making it one of the economies most exposed to spillover effects from the conflict, economists said."}],[{"start":105.77,"text":"The country has its own natural gas resources, but as domestic production fell in recent years and demand rose, Egypt has imported growing amounts of liquefied natural gas from sources including the US and Qatar. It also receives gas via pipeline from Israel, with which it last year concluded a new $35bn deal lasting until 2040."}],[{"start":130.76999999999998,"text":"The country’s fragile finances have been dealt a double blow by the turmoil. In addition to soaring gas prices, foreign portfolio investors have pulled out an estimated $8bn from the local debt market."}],[{"start":146.30999999999997,"text":"The outflows have weakened the Egyptian pound, which has dropped by about 10 per cent against the greenback, falling from 47 to 52 pounds to the dollar — a record low. "}],[{"start":157.7,"text":"That threatens to reverse a recent decline in inflation, and has added to strains on millions of Egyptians whose incomes have failed to keep up with repeated devaluations and years of spiralling prices."}],[{"start":172.92999999999998,"text":"Economists have said, however, that harm to the heavily-indebted economy would be mitigated by reforms carried out in the past two years under an IMF programme that followed a global $57bn rescue package led by the United Arab Emirates."}],[{"start":190.67,"text":"Julie Kozack, IMF spokesperson, said this month that exchange rate flexibility introduced in 2024 had acted as a “shock absorber” to preserve the country’s foreign currency buffers and international reserves after the war began."}],[{"start":207.7,"text":"Farouk Soussa, senior Middle East and north Africa economist at Goldman Sachs, said Egypt’s commitment to the flexible exchange rate had been “surprising, and extremely welcome”."}],[{"start":219.64,"text":"“It sends a signal that they’re going to prioritise maintaining the FX buffers and maintaining availability of FX liquidity domestically so people will have no incentive to rush out to buy dollars on the black market,” Soussa said."}],[{"start":235.39,"text":"The government has also increased the prices of subsidised fuels by between 12 and 22 per cent to help contain its subsidy bill."}],[{"start":244.08999999999997,"text":"After Russia’s full-scale invasion of Ukraine in February 2022, Egypt suffered a foreign currency crisis as investors pulled out some $23bn, starving Egyptian banks of dollars. Egypt would likely avoid a repeat of that crisis, analysts said, thanks to allowing the pound to depreciate."}],[{"start":266.73999999999995,"text":"Its foreign currency reserves could easily cover an external funding gap in 2026 of $6.5bn in a worst-case scenario, Soussa said. He expects tourism revenues, a key source of foreign currency, to remain unaffected at about $20bn a year. Tourist areas are exempted from the energy-saving measures, along with pharmacies and supermarkets."}],[{"start":294.63999999999993,"text":"Moataz Sedky, general manager of Travco Holidays, which owns dozens of Egyptian hotels and Nile cruise boats, said so far tourism has faced minimal disruption."}],[{"start":307.06999999999994,"text":"“We are operating normally today, with resilient Red Sea and classic cultural circuits,” he said. “But we are seeing a clear hesitation in new bookings, particularly for medium‑ and long‑haul holidays, as clients and tour operators delay final decisions until they feel more confident about the security situation and flight stability.”"}],[{"start":339.0499999999999,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1774879485_9996.mp3"}