Egypt’s balance of payment nearly doubles

Egypt’s balance of payment increased by nearly the double since July 2011 to March, going from $5.5 billion to $11.2 billion. Figures suggested that the lack of investment and the fall in the tourism sector were behind that increase, an official report said Monday. Investment and tourism took a tumble after the Egyptian revolution due to the miss management of the period of transition to democracy. The two sectors are two of the three main sources of foreign currency in Egypt, behind the Suez Canal. Egyptian news agency MENA reported today that Egypt’s account deficit stands at $6.4 billion, going up from $4.7 billion during the same period of last year. Foreign Direct Investment (FDI) decreased from $2.1 billion in the same period of 2010-2011, to just $218 million currently. The Egyptian financial year begins on 1 July.