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In 2011, Egypt had 36 billion dollars o

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# 25.05.2019 - 05:01:40

INCHEON Wholesale Nike Blazer White , South Korea, Sept. 17 (Xinhua) -- Three countries at the pending 17th Asian Games are tuning up and hoping for their first-ever podium finish at the continent's largest sports event, scheduled to open on September 19 in Incheon, South Korea.

Bhutan, which is making its seventh attempt at clinching its maiden Asiad medal, is sending 16 athletes to compete in boxing, archery Wholesale Nike Blazer Black , track and field and four other sports.

The South Asian country first entered the Asiad in 1990 and finished fifth in the bantamweight (56kg) category in boxing in 2010 in Guangzhou, its best Asiad performance.

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East Timor, which is in its fourth Asian Games, will send 31 athletes in track and field, boxing, cycling, football and karate.

The small island in the Indonesian archipelago first entered the Asiad in Busan Wholesale Nike Blazer Outlet , a South Korean port city, in 2002.

At this year's competition, more than 1,300 medals are up for grabs, with thousands of athletes from 45 countries and regions participating in 36 sports.

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WASHINGTON, May 5 (Xinhua) -- U.S. trade gap widened further in March, driven by a surge in imports, the Commerce Department said Tuesday.

The country's trade deficit expanded 43 percent from the previous month to 51.4 billion U.S. dollars in March, the largest since October 2008. In March, exports increased 1.6 billion dollars from February, or 0.9 percent Wholesale Nike Blazer Womens , to 187.8 billion dollars, while imports rose 7.7 percent to 239.2 billion dollars.

A strong dollar and a labor dispute that disrupted shipping at West Coast ports have continued to affect the trade figures in the month.

The surge in the monthly trade deficit had certain adverse impact over the country's economy in the first quarter of the year. U.S. real gross domestic product increased at an annual rate of 0. 2 percent in the first quarter, due to a bout of blizzards and a strong dollar's drag on exports.

by Mahmoud Fouly

CAIRO, May 1 (Xinhua) -- The Egyptian economy is still struggling with trade and budget deficits as well as upcoming unpaid dues despite the improvement of the country's credit rating and the decline of its external debts, said Egyptian economic experts.

The Central Bank of Egypt (CBE) has recently announced the decline of Egypt's foreign debts to 41.3 billion U.S. dollars in the second quarter of the 20142015 fiscal year compared to 44.8 billion dollars in the first quarter of the same year.

"The Egyptian authorities have recently paid off about three billion dollars of its dues to the external world (in the form of bonds and deposits), which affirms the commitment and ability of the Egyptian economy to pay off its foreign obligations when due," the CBE explained in a recent press release.

Egyptian economic experts Wholesale Nike Blazer , however, believe that the country's economy is still ailing as the payments of foreign debts mainly came from financial aids worth billions of dollars.

"The issue is that the payment of our debts came from interest-free deposits of Gulf states, not from real domestic resources made inside the country," said Ibrahim Nawwar, economic expert and former spokesman of the Egyptian industry and foreign trade ministry.

Payment of foreign debts would indicate real economic progress if it was made through real dollar resources, particularly direct foreign investment or extra exports, but the case is different because Egypt suffers insufficient foreign investment besides a trade deficit Cheap Nike Blazer Mid , Ibrahim told Xinhua.


The most populous Arab country suffers a budget deficit of about 31.5 billion dollars for the 20142015 fiscal year, representing 10 percent of the gross domestic product, which the government attempted to minimize through economic reforms including large energy subsidy cuts that led to price hikes in oil products and electricity.

"Despite the economic policy based on austerity and subsidy cuts, the improvement of foreign debts is merely a number as it is based on financial aids rather than economic development," Nawwar told Xinhua, describing the general economic condition as "alarming."

The trade deficit, representing the gap between the country's imports and exports Cheap Nike Blazer Sale , has mounted in the first half of the 20142015 fiscal year to reach 20.2 billion dollars according to a recent CBE report.

Experts believe that the trade deficit "swallows" a large part of the foreign currency reserves and contributes to shortage of dollar resources required for investors and importers.

"We cannot judge the whole economic performance by improvement of one indicator like the decline of foreign debts," said Ehab al-Desouki, head of the Economy Department of Cairo-based Sadat Academy.

He added that Egypt's exports and its trade deficit have not improved, stressing that "real economic improvement should be reflected in improvement of the people's standard of living along with an economic growth connected with justice in distribution."


In 2011, Egypt had 36 billion dollars of foreign currency reserves at the central bank, but the country lost about 20 billion dollars of them over the past four years of political turmoil and instability.

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