Asharq Al-awsat English Middle-east and International News and Opinion from Asharq Al-awsat Newspaper

Sisi: Egypt Overcame Coronavirus Crisis Through Economic Reforms

Sisi: Egypt Overcame Coronavirus Crisis Through Economic Reforms

Monday, 13 July, 2020 - 09:30
Egyptian President Abdel Fattah al-Sisi (Egyptian Presidency handout)
Asharq Al-Awsat

Egypt avoided the hard impact of the coronavirus pandemic due to the economic reforms that it launched in 2016, President Abdel Fatah el-Sisi announced during the inauguration of a number of projects.

“If it had not been for the economic reform program … Egypt would have been in a difficult position during the coronavirus crisis,” Sisi stated Sunday.

He pointed out that despite the rising prices and difficult conditions, Egyptians have overcome all difficulties.

Egypt’s tourism sector, which contributes $14 billion to the economy, came to a standstill due to the coronavirus, with the pandemic also taking its toll on the aviation and trade sectors, Sisi added.

Earlier this month, Egypt opened a number of tourist resorts in coastal cities and received commercial flights three months after closing its airspace.

The President pledged to impose stronger conditions for issuing building permits in order to stop illegal construction.

He explained that high-voltage cables present a health hazard. So the government will convert overhead power lines into underground cables at a cost of almost LE750 million.

Sisi toured “al-Asmarat City” housing project to develop slums, which is currently in its third phase. The project includes 7,440 fully equipped, furnished and free of charge housing units.

The units are given to those who are qualified to the leasing system with a fee of LE350 per month.

The project is part of a wider national program that seeks to develop all unsafe areas across Egypt, according to Prime Minister Moustafa Madbouly.

Madbouly said since the coronavirus outbreak, the government has been working on maintaining the health of Egyptian citizens and providing jobs for millions of daily workers.

The International Monetary Fund (IMF) and other institutions expect the growth of the global economy to shrink, while estimates indicated that Egypt will be among the few countries that will not be affected much by this pandemic and its economy will see positive growth.

Madbouly pointed out that an additional LE100 billion will be allocated to finance the coronavirus response plan in general.

The plan includes LE10 billion in additional funds to the health sector and expanding the number of beneficiaries of the ration cards.

Editor Picks