Below Potential
A report by the International Monetary Fund said Egypt had weathered the global financial crisis relatively well, but expected economic activity to continue to soften in 2009-2010 with growth in GDP remaining below potential, at around 4 per cent. Private consumption is expected to be resilient, but some unwinding of inventories accumulated last year could be a drag on growth. In the uncertain global environment, the IMF said, risks to the outlook remain on the downside. Short-term macroeconomic policies should continue to support growth, while reducing inflation and maintaining a sustainable external position.
Lower revenue
Egypt’s annual revenue from the Suez Canal fell 7.2 per cent in fiscal 2008/09, to USD4.74 billion, the Suez Canal Authority Chairman Ahmed Fadel said last Sunday. The canal, one of Egypt’s top sources of foreign currency, earned a record USD5.11 billion last fiscal year, but a fall in global trade slowed earnings after the peak in August. The global crisis, Fadel said, hit revenues from September, but flows had improved gradually in recent months. Financial analysts say the upturn in global activity suggests the worst is over for the revenue decline. The authority financed its own dredging and deepening of the canal, which is now 96 per cent complete, Fadel said. When finished, the canal will be 66 feet deep, from the current 62 feet, allowing it to handle ships over 240,000 tons, up from the current 200,000 ton limit.
Pre-shipment inspection
As of last month, and according to a memorandum of understanding signed between Egypt and China, all Chinese industrial products entering Egypt carry pre-shipment inspection certificates issued by China’s quality supervisor. The inspection covers the quality, quantity, security, hygiene, and environmental impact of the cargo. Egypt is the third country in Africa to require such inspection, following Sierra Leone and Ethiopia.
Scouts convene
The Arab Scout Organisation has held its 12th annual international convention at the International Arab Scout Centre in Cairo. With young people from 31 countries participating, the convention this year focused on familiarising them with various civilisations and forms of cultural exchange. The aim is to spread among youngsters a culture of peace and understanding of the other.
Child winner
The Egyptian Ramy Gamal, a member of the Bibliotheca Alexandrina’s Children’s Library, won the International Children’s Painting Competition on the Environment for children between 5 and 14 at the African level. The competition is organised annually by the UN Environment Programme in cooperation with the Japan-based Foundation for Global Peace and Environment. Ramy will participate in children’s conference in Daejeon, South Korea, from 17 -19 August, and will receive his award in a ceremony on 20 August. A selection of the winning paintings will be exhibited on the Internet and at the United Nations Climate Change Conference in Copenhagen from 7 – 18 December. They will also be used for posters, post cards, calendars, and in publications.
Golden Mermaid
For the fourth year in a row, the Egyptian Society for Cinema Writers and Critics is holding an opinion poll among its members to choose the best film in 2009, the best actor, actress, director, scenery, and screenplay. The winners will be awarded the Golden Statue of the Mediterranean Mermaid at the closing ceremony of Alexandria International Film Festival on 10 August. Some 100 critics will be polled. The winners will be picked from among 26 films that were screened since January 2009.