Egypt’s economic problems predate the war in Gaza, but the conflict and its overspill in the Red Sea are threatening to tip it over the edge. At the same time, they are boosting its negotiating power.Egyptians abroad, nervous of transferring money into a tanking currency, are withholding remittances. In the third quarter of 2022 they fell by about 30% compared with a year earlier. Foreign investors are withdrawing their capital, or demanding high interest rates to keep it there.For all Mr Sisi’s pretensions, Egypt has been on the brink for some time. It was hit badly by a sharp rise in food prices from the war in Ukraine and its currency is one of the world’s worst-performing. Do you think that Egypt is at a better posiiton to stop the war in Gaza ?
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