Sisi Tells Egyptians to Cope with Rising Prices, Defends Mega-Projects for Jobs
President Abdel Fattah al-Sisi reassures Egyptians amid soaring prices, attributing economic challenges to the country’s historical reliance on imports. Sisi defends large-scale projects, emphasizing their role in generating millions of jobs.
The Suez Canal’s lost revenues worsen Egypt’s currency shortage, leading to store closures and credit card restrictions. Inflation remains above 30%, and Sisi attributes the foreign currency deficit to the need for monthly spending on essentials.
Despite hardships, Sisi urges resilience, stating, “Even if it’s expensive, we are living. If we can bear with it, we will overcome this problem and grow.” Egypt aims to revive an IMF program but faces pressure for currency float and reforms.
Critics suggest austerity, but Sisi emphasizes sustaining projects employing millions. The debt burden, linked to mega-projects like a new capital city, poses economic challenges.
Sisi rejects calls for halting projects, questioning the impact on millions employed. The government grapples with debt repayment amid economic complexities.
Source : Reuters