★ EGYPT & AFRICA
Welcome to the Early Phoenix Middle East Reports, compiled by ACLS Research Team and Editor Rania Kisar. Share your opinion analysis with us and let your voice be heard. Email comments and suggestions to [email protected] or tweet @levantstudies
1.Egypt and Eritrea Vow to Tackle Regional Security Challenges Together
Egyptian President Abdel-Fattah Al-Sisi met with Eritrean Foreign Minister Osman Saleh in Cairo on August 9, 2024, to discuss escalating tensions and security threats in the Horn of Africa and the Red Sea. The leaders emphasized the importance of continued coordination and consultation to enhance regional stability. President Sisi reaffirmed Egypt’s commitment to strengthening bilateral relations and addressing mutual challenges. The meeting follows rising tensions after Somaliland leased part of its coastline to Ethiopia, a move opposed by both Egypt and Somalia.
2.Libya Criticizes Egypt in New Diplomatic Dispute
Libyan House Speaker Aguila Saleh condemned what he called “irresponsible actions” by the interim Government of National Unity (GNU) against Egypt. Saleh emphasized that these actions do not represent the Libyan people, who share deep historical ties with Egypt. The criticism follows the GNU’s displeasure over Egypt’s official reception of representatives from a rival Libyan government, led by Osama Hammad. In response, the GNU reportedly ordered two Egyptian embassy officials in Tripoli to leave Libya within 72 hours. Egyptian authorities have yet to respond officially to this development.
3.Egypt’s Treasury Bill Yield Surges to 28.3% Amid Investor Pressure
The yield on Egypt’s three-month treasury bills surged to 28.336% in Sunday’s auction, up from 27.656% in the previous offering. This marks the highest level since the March currency devaluation, according to data from the Central Bank of Egypt. Investors demanded yields as high as 33% during the short-term government debt auction. The government successfully sold EGP 50.3 billion in three-month bills, exceeding the targeted liquidity of EGP 40 billion, with total investor bids reaching EGP 71.45 billion. The Egyptian pound recently fell to its lowest level since March 11, hitting EGP 49.5 per USD before slightly recovering to EGP 49.28. The currency has faced renewed pressure following its devaluation in March.
