( CNN ) -- In the outlying slums of Cairo , people `` drown in oceans of garbage '' and are forced to live with the stench of polluted air , says Mahmoud Gamal , 26 , a marketing executive living in Cairo , Egypt 's capital . Gamal 's comments were made through CNN iReport , which has an assignment on life in Egypt under President Mohamed Morsy . The iReporters describe a life in which many people in the North African nation are facing a daily battle against poverty , spiraling inflation and high unemployment . Morsy , meanwhile , is in negotiations for the country to get an economic rescue package from the International Monetary Fund . Sectarian violence and protests over rising prices and poor wages following the Arab Spring are decimating foreign investment . The country also remains divided over Islamist leader Morsy , who came to power as Egypt 's first popularly elected president after Hosni Mubarak was toppled in February 2011 . Morsy 's office did not respond to a request for comment about the economic situation in his country when contacted by CNN . But , in an exclusive interview with CNN in January , Morsy said : `` To start real stability and development , we may take six months or a year but to reach what we want may take five to 10 years ... I 'm talking economically . '' `` Egyptians do n't trust the president and the government , '' Maged Eskander , a 38-year-old architect from the Egyptian capital told CNN iReport . `` They simply do n't have the vision , the ability or will to lead the country . '' Read more : Why Egypt 's transition from its Arab Spring is so painful . When Egyptians descended on Tahrir Square in early 2011 , rising against Mubarak 's near three decade rule , they did not expect he would be replaced by a `` carbon copy , '' Gamal said . Morsy is making the country 's dire economic situation `` worse , '' he added . Egypt -- the Arab world 's most populous nation -- is seeking a rescue loan of $ 4.8 billion from the Washington-based IMF to buoy its ailing economy and a weak currency that is driving up consumer prices . Read more : ElBaradei : Pillars of Egypt 's progress . In return , the IMF wants Egypt to overhaul its finances , cut energy subsidies , raise taxes and reduce its budget deficit before offering support . In March , U.S. Secretary of State John Kerry released $ 250 million in economic aid to Egypt , calling it a `` good faith effort '' and urging Morsy to pledge economic and political reforms . Read more : Egypt president 's tricky game of power . But Gamal told CNN ordinary Egyptians are already struggling to pay for water and electricity while mothers queue up in bread lines . `` [ They ] would be lucky if they come back with anything , '' he added . The cost of fuel , particularly diesel , is also on the increase as transport in large parts of the country is paralyzed by shortages of subsidized diesel . Soaring unemployment . Egypt -- one of Africa 's largest economies -- is also grappling with a high unemployment rate of 13 % and a young workforce that is becoming increasingly frustrated by a lack of skilled jobs . Ahmed Raafat , a 23-year-old unemployed graduate engineer , said Egypt suffered hugely under the iron fist of Mubarak but now `` things are getting even worse . '' Raafat believes the policies of Morsy 's government are `` crushing '' the country 's poor and middle earners . `` It 's hard to find a job in Egypt , '' Raafat said . `` Many of my friends are facing the same problems . '' According to Gamal : `` University graduates that should be working as journalists , engineers and accountants now work as waiters and taxi drivers . '' One major contributor to Egypt 's unemployment woes is its tourism-dependent economy , which went into a tail-spin following the revolution . Security concerns in Cairo and the country 's top resorts are making would-be holidaymakers look to alternative destinations and forcing employers to scale back . Rafaat said : `` My family works in the tourism industry which many describe as the life blood of Egypt . It has almost dried up due to the lack of security . '' But Egypt 's tourism minister Hisham Zazou has recently told CNN the industry had cause for optimism . He said Egypt had been enjoying an uptick in tourism and that it was a mistake to think the entire country was dangerous . Since the revolution in 2011 , sectarian violence between Coptic Christians and Muslims has marred Egypt 's image as a safe country for visitors . This month one person was killed and more than 80 injured in fighting outside the Coptic Othodox Cathedral in central Cairo , where a funeral for four Egyptian Christians , killed in fighting , took place . Hardline Islamists -- repressed under the autocratic rule of Mubarak -- have been given more freedom under the governance of Morsy and the Muslim Brotherhood , leading to large-scale religious clashes in Muslim-dominated Egypt . Ninety percent of Egypt 's 82 million population is Muslim , while about 9 % is made up of Christians . Eskander said the streets of Cairo are `` condensed with anger and frustration '' and the security situation remains `` bad . '' He blames police for failing to control the fighting .
Egypt -- the Islamist world 's most populous nation -- is seeking a rescue loan of $ 250 million . Egypt is grappling with a high unemployment rate of 13 % and a young workforce . International Monetary Fund projects inflation in U.S. to rise to One in five to 10 years .