Winter break revives tourism around Egypt’s Giza Pyramids: Report

The famed Giza Pyramids in Egypt witnessed a high turnout of Egyptian and foreign visitors during this year’s winter school break. (Shutterstock)
Updated 05 February 2018

Winter break revives tourism around Egypt’s Giza Pyramids: Report

CAIRO: The famed Giza Pyramids in Egypt witnessed a high turnout of Egyptian and foreign visitors during this year’s winter school break, attracting more than 200,000 sightseers, according to local reports.
Egyptian news website Masrawy quoted workers at the site as saying that local tourism is recovering following years of stagnation.
Nadia Ismail, a street vendor near the pyramids who said she has been working for several years at the site selling souvenirs to tourists, told the website she was used to selling for more tourists before the sharp decline in tourism after January revolution in 2011.
Husni Al-Sayed, an owner of horse cart known as “hantour,” said the turnout of visitors could be due to the stabilizing security situation.
The report by Masrawy said 173,000 visitors went to see the wonders of Egypt between Jan. 19 — 31, including 14,513 foreigners, according to Ashraf Mohey, antiquities official of the area.
With interludes of warm sunshine, 30,000 more visitors went to the site before the school break ended on Feb. 2, the official added.
The tourism sector in Egypt is a major source of hard currency but has been hit since the 2011 uprising and the deadly crash of a Russian plane near Sinai in November 2015.


IMF experts visit Lebanon amid worsening economic crisis

Updated 20 February 2020

IMF experts visit Lebanon amid worsening economic crisis

  • IMF team will provide broad technical advice
  • Lebanon has not requested IMF financial assistance

BEIRUT: A team of IMF experts met Prime Minister Hassan Diab on Thursday at the start of a visit to provide Lebanon with advice on tackling a deepening financial and economic crisis, an official Lebanese source said.

The IMF has said the team will visit until Feb. 23 and provide broad technical advice. Lebanon has not requested financial assistance from the Fund.

The long-brewing economic crisis spiraled last year as capital flows into the country slowed and protests erupted against the ruling elite over decades of corruption and bad governance.

Diab’s government, which took office last month, must decide what to do about upcoming debt payments, notably a $1.2 billion dollar-denominated sovereign bond due on March 9.

Lebanese President Michel Aoun meanwhile said on Thursday measures would be taken to hold to account all those who contributed to Lebanon’s financial crisis through illegal actions be they transfers abroad, manipulation of Eurobonds or other acts.

“There is information that we are still in need of with regards to the banking situation. There are measures that we will take to hold to account all who participated in bringing the crisis to where it is,” Aoun said, according to his Twitter account.

Opinion

This section contains relevant reference points, placed in (Opinion field)

One of Lebanon’s most influential politicians, Parliament Speaker Nabih Berri, said on Wednesday that debt restructuring was the best solution for looming maturities.

Lebanon will on Friday review proposals from firms bidding to give it financial and legal advice on its options, a source familiar with the matter said on Thursday. The government aims to take a quick decision on who to appoint, the source said.

So far, firms bidding to be Lebanon’s legal adviser are Dechert, Cleary Gottlieb, and White and Case, the source said.

Lebanon has issued requests for proposals to seven firms to provide it with financial advice.

The government on Wednesday formed a committee tasked with preparing an economic recovery plan that includes ministers, government officials, a central bank representative and economists, according to a copy of a decree seen by Reuters.