Glossary -- Egypt
- Egyptian pound (£E)
- Consists of 100 piasters. In early 1990, the pound was worth
between US$1.00 and US$1.50 depending on the exchange rate that
applied; the informal market rate was £E=US$0.40.
- Equals 1.038 acres.
- FY (fiscal year)
- Since July 1, 1980, July 1 through June 30.
- GDP (gross domestic product)
- A value measure of the flow of domestic goods and services
produced by an economy over a period of time, such as a year.
Only output values of goods for final consumption and investment
are included because the values of primary and intermediate
production are assumed to be included in final prices. GDP is
sometimes aggregated and shown at market prices, meaning that
indirect taxes and subsidies are included; when these have been
eliminated, the result is GDP at factor cost. The word
gross indicates that deductions for depreciation of
physical assets have not been made. See also GNP.
- GNP (gross national product)
- The gross domestic product (GDP--q.v.) plus the net
income or loss stemming from transactions with foreign countries.
GNP is the broadest measure of the output of goods and services
by an economy. It can be calculated at market prices, which
include indirect taxes and subsidies. Because indirect taxes and
subsidies are only transfer payments, GNP is often calculated at
factor cost, removing indirect taxes and subsidies.
- A word used in several senses. In general use and in lower
case, it means the leader of congregational prayers; as such it
implies no ordination or special spiritual powers beyond
sufficient education to carry out this function. It is also used
figuratively by many Sunni (q.v.) Muslims to mean the
leader of the Islamic community. Among Shias (q.v.) the
word takes on many complex meanings; in general, it indicates
that particular descendant of the House of Ali ibn Abu Talib, who
is believed to have been God's designated repository of the
spiritual authority inherent in that line. The identity of this
individual and the means of ascertaining his identity have been
the major issues causing divisions among Shias.
- Literally open door; refers to Anwar as Sadat's policy after
the October 1973 War of relaxing government controls on the
economy so as to encourage the private sector and stimulate the
inflow of foreign funds.
- International Monetary Fund
- Established along with the World Bank (q.v.) in
1945, the IMF is a specialized agency affiliated with the United
Nations (UN) and is responsible for stabilizing international
exchange rates and payments. The main business of the IMF is the
provision of loans to its members (including industrialized and
developing countries) when they experience balance of payments
difficulties. These loans frequently carry conditions that
require substantial internal economic adjustments by the
recipients, most of which are developing counties.
- Ismaili Shia Islam
- A subsect of Shia Islam that takes its name from Imam
Muhammad ibn Ismail, the Seventh Imam. Ismaili Shia doctrine
closely resembled Twelver Shia Islam with regard to observance of
the sharia but also included a system of philosophy and science
coordinated with religion that proved the divine origin of the
Imamate and the rights of the Fatimids to it. Ubaid Allah, al
Mahdi, the founder of the Fatimid Dynasty, came to North Africa
in the early tenth century and actively promoted the Ismaili
faith. See also Shia.
- Name given to the ruler of Egypt from 1867 to 1914. He
governed as semi-independent viceroy of the sultan of Turkey.
- Religious jurist who issues judgments and opinions on Islamic
law and precedent.
- Relates to an estate or any heritage from one's father or
- Prefers to the glories of Egypt's ancient period under the
rule of the pharaohs.
- See Egyptian pound.
- Shia (from Shiat Ali, the Party of
- A member of the smaller of the two great divisions of Islam.
The Shias supported the claims of Ali and his line to presumptive
right to the caliphate and leadership of the Muslim community,
and on this issue they divided from the Sunni (q.v.) in
the great schism within Islam. Later schisms have produced
further divisions among the Shias over the identity and number of
Imams (q.v.). Most Shias revere Twelve Imams, the last
of whom is believed to be in hiding. Ismaili Shias are connected
with the Fatimid Dynasty in Egypt; some believe that Muhammad ibn
Ismail, the Seventh Imam, was the last Imam. See also
Ismaili Shia Islam.
- Special Drawing Right(s) (SDR)
- A monetary unit of the International Monetary Fund (IMF)
(q.v.) based on a basket of international currencies
consisting of the United States dollar, the German deutschmark,
the Japanese yen, the British pound sterling, and the French
- One who advocates the concentration of all economic controls
and planning in the hands of a highly centralized government.
- Sublime Porte
- Ottoman Empire palace entrance that provided access to the
chief minister, representing the government and the sultan. Term
came to mean the Ottoman government.
- Sunni (from sunna, orthodox)
- A member of the larger of the two great divisions of Islam.
The Sunnis supported the traditional method of election to the
caliphate and accepted the Umayyad line. On this issue they
divided from the Shias (q.v.) in the great schism within
- West Bank
- That portion of Jordan west of the Jordan River and the Dead
Sea. Area was seized by Israel in the June 1967 War (Arab-Israeli
war, also known as the Six-Day War) and in 1990 remained Israeli-
- World Bank
- Informal name used to designate a group of three affiliated
international institutions: the International Bank for
Reconstruction and Development (IBRD), the International
Development Association (IDA), and the International Finance
Corporation (IFC). The IBRD, established in 1945, has the primary
purpose of providing loans to developing countries for productive
projects. The IDA, a legally separate loan fund, but administered
by the staff of the IBRD, was set up in 1960 to furnish credits
to the poorest developing countries on much easier terms than
those of conventional IBRD loans. The IFC, founded in 1956,
supplements the activities of the IBRD through loans and
assistance designed specifically to encourage the growth of
productive private enterprises in the less developed countries.
The president and certain senior officers of the IBRD hold the
same positions in the IFC. The three institutions are owned by
the governments of the countries that subscribe thier capital. To
participate in the World Bank group, member states must first
belong to the International Monetary Fund (IMF--q.v.).