Word: willful
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Dates: during 1970-1979
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Then there is oil. An exporter only since 1974, Egypt will sell $1.1 billion worth of crude this year, accounting for 40% of its trade income. Never a member of OPEC, the country doubled the price of its oil early this year and now charges a robust $34 per bbl...
Thanks to its foreign income, Egypt has not been hurt economically by the loss of the $800 million or so in Arab aid it used to get annually, or by the Arab countries' refusal to do business with Cairo; before the boycott, those states accounted for only 7% of...
Nonetheless, Egypt is now heavily dependent on Western and Japanese aid and investment. Cairo officials fear that the Arab irritation with Egypt may deter Western companies from seeking out the joint-venture projects with Egyptian partners that Sadat is encouraging. Though the oil companies have been involved in exploration for...
That is largely a result of out-of-control government spending, which this year will produce a deficit of $4.3 billion in a budget of under $10 billion. Sadat will not cut defense outlays ($1.4 billion this year) until the last of the Sinai is returned after 1982, so he...
In 1977, when the government last tried to raise food prices (bread went to 2?), riots erupted that nearly toppled Sadat. But if the President is to get more foreign loans-he has said that Egypt will need $18.5 billion over the next five years-he needs the approval of...