Part 254

Political pressure groups and leaders: despite a constitutional ban against religious-based parties, the technically illegal Muslim Brotherhood constitutes MUBARAK's potentially most significant political opposition; MUBARAK tolerated limited political activity by the Brotherhood for his first two terms, but has moved more aggressively in the past two years to block its influence; trade unions and professional associations are officially sanctioned

International organization participation: ABEDA, ACC, ACCT (associate), AfDB, AFESD, AG (observer), AL, AMF, BSEC (observer), CAEU, CCC, EBRD, ECA, ESCWA, FAO, G-15, G-19, G-24, G-77, IAEA, IBRD, ICAO, ICC, ICRM, IDA, IDB, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, Inmarsat, Intelsat, Interpol, IOC, IOM, ISO, ITU, MINURSO, NAM, OAPEC, OAS (observer), OAU, OIC, OSCE (partner), PCA, UN, UN Security Council (temporary), UNAVEM III, UNCTAD, UNESCO, UNIDO, UNITAR, UNMIBH, UNMOP, UNOMIG, UNOMIL, UNPREDEP, UNRWA, UNTAES, UPU, WFTU, WHO, WIPO, WMO, WToO, WTrO

Diplomatic representation in the US: chief of mission: Ambassador Ahmed Maher El SAYED chancery: 3521 International Court NW, Washington, DC 20008 telephone: (202) 895-5400 FAX: (202) 244-4319, 5131 consulate(s) general : Chicago, Houston, New York, and San Francisco

Diplomatic representation from the US: chief of mission: Ambassador Edward S. WALKER, Jr. embassy: (North Gate) 8, Kamel El-Din Salah Street, Garden City, Cairo mailing address: Unit 64900, APO AE 09839-4900 telephone : (2) 3557371 FAX: (2) 3572000 branch office: Alexandria

Flag description: three equal horizontal bands of red (top), white, and black with the national emblem (a shield superimposed on a golden eagle facing the hoist side above a scroll bearing the name of the country in Arabic) centered in the white band; similar to the flag of Yemen, which has a plain white band; also similar to the flag of Syria that has two green stars and to the flag of Iraq, which has three green stars (plus an Arabic inscription) in a horizontal line centered in the white band

Economy

Economy - overview: By the end of the 1980s Egypt - hit by the collapse of the world oil market and servicing a foreign debt totaling about $50 billion - faced crises in virtually all economic sectors. Problems of low productivity and poor economic management were compounded by the adverse social effects of large population growth rates, high inflation, and massive urban overcrowding. In the face of these pressures, in 1991, Egypt undertook wide-ranging macroeconomic stabilization and structural reform measures. This reform effort has been supported by three successive IMF arrangements, the last of which was concluded in October 1996. Egypt's reform efforts - and its participation in the Gulf war coalition - also led to massive debt relief under the Paris Club arrangements. Egypt's foreign debt fell to about $31 billion at yearend 1996. Although the pace of reform has been uneven and slower than envisaged under the IMF programs, substantial progress has been made in improving macroeconomic performance - budget deficits have been slashed while foreign reserves in 1996 were at an all-time high - and in moving toward a more decentralized, market-oriented economy. Egypt was able to capitalize on its progress during the third Middle East/North Africa economic conference which it hosted in November 1996. Egypt's President MUBARAK told reporters that Egypt had concluded deals worth $10 billion in investment during the conference, 20 times the country's estimated total direct foreign investment for the 1995/96 fiscal year. According to press reports, Egypt and foreign investors agreed on nine megaprojects, including the export of liquefied natural gas from Egypt to Turkey, estimated at $2 billion to $4 billion. Egypt has a broad-based inventory of geographic, human, and physical assets which in a liberalized market environment could spur rapid, sustainable growth into the next century. But rapid population growth continues to cast a shadow over economic prospects.

GDP: purchasing power parity - $183.9 billion (1996 est.)

GDP - real growth rate: 4.9% (1996 est.)

GDP - per capita: purchasing power parity - $2,900 (1996 est.)

GDP - composition by sector: agriculture: 16% industry : 34% services: 50% (1995 est.)

Inflation rate - consumer price index: 7.3% (1996)

Labor force: total: 17.4 million (1996 est.) by occupation: agriculture 40%, services, including government 38%, industry 22% (1990 est.)

Unemployment rate: 9.4% (FY95/96 official estimate)

Budget: revenues: $17.4 billion expenditures: $18.8 billion, including capital expenditures of $3.5 billion (FY95/96)

Industries: textiles, food processing, tourism, chemicals, petroleum, construction, cement, metals

Industrial production growth rate: NA%

Electricity - capacity: 13.04 million kW (1994)

Electricity - production: 47.89 billion kWh (1994)

Electricity - consumption per capita: 723 kWh (1995 est.)

Agriculture - products: cotton, rice, corn, wheat, beans, fruits, vegetables; cattle, water buffalo, sheep, goats; annual fish catch about 140,000 metric tons

Exports: total value : $4.6 billion (f.o.b., FY95/96 est.) commodities: crude oil and petroleum products, cotton yarn, raw cotton, textiles, metal products, chemicals partners: EU, US, Japan

Imports: total value: $13.8 billion (c.i.f., FY95/96 est.) commodities: machinery and equipment, foods, fertilizers, wood products, durable consumer goods, capital goods partners: US, EU, Japan

Debt - external: $31 billion (yearend 1996 est.)

Economic aid: recipient: ODA, $1.713 billion (1993)

Currency: 1 Egyptian pound (£E) = 100 piasters

Exchange rates: Egyptian pounds (£E) per US$1 - 3.4 (November 1994), 3.369 (November 1993), 3.345 (November 1992); market rate - 3.3900 (January 1997), 3.3880 (1996), 3.3900 (1995), 3.3910 (1994), 3.3718 (1993), 3.3386 (1992)

Fiscal year: 1 July - 30 June