Asharq Al-awsat English https://aawsat.com/english Middle-east and International News and Opinion from Asharq Al-awsat Newspaper http://feedly.com/icon.svg

Egypt's Sisi Backs National Projects, Rejects Claims Economic Crisis Caused by Domestic Policies

Egypt's Sisi Backs National Projects, Rejects Claims Economic Crisis Caused by Domestic Policies

Tuesday, 24 January, 2023 - 08:30
Egyptian President Abdel Fattah al-Sisi. (Egyptian presidency)

Egyptian President Abdel Fattah al-Sisi rejected "misleading claims" that said the global economic crisis was only limited to Egypt and caused by domestic policies.


He also defended national projects, saying they were the basis for achieving comprehensive economic development and expressed his confidence in Egypt's ability to overcome the crisis.


Sisi was speaking at a ceremony marking 71st Police Day at the Police Academy Conference Complex.


He said the world is witnessing a "harsh and unprecedented economic crisis" not seen since the Great Depression and the two world wars.


The repercussions of the current crisis resulted in what is now known internationally as the global cost of living situation, he remarked, adding that the government aimed to mitigate the impact of the crisis.


Sisi acknowledged that the impact of the crisis is significant and burdened the citizens, especially low-income groups who struggle daily to meet their needs.


He asserted the state's commitment to supporting the people.


The government is working on providing for their families' needs in ways that help them confront price hikes.


"The state remains steadfast in its commitment to help these people in a way that does not and will not change," Sisi vowed.


Egypt, like other countries in the world, is facing an economic crisis due to the consequences of the Russian-Ukrainian war. The crisis has been compounded by a drop in the currency against the dollar.


The country received recently a loan from the International Monetary Fund (IMF).


The economic crunch has increased political criticism against government spending allocated for mega national projects.


Sisi explained that Egypt's economic and demographic conditions necessitate taking giant leaps in a short time, stressing that the country is in a race against time to overcome the dangers and repercussions of population growth.


The major development projects carried out by the state were not for show, but necessary to establish the investment environment and infrastructure to achieve comprehensive economic development that raises the standard of living of all people, said Sisi.


"It is impossible to embark on the path of modern industrialization and massive export without having the necessary elements to achieve this, including cities, roads, a transportation network, technology, electricity, water, and sanitation."


Addressing the currency exchange rate, the president stressed that the dollar crisis is not new but a recurring pattern resulting from the country's weak production and export capabilities and its increasing demand for dollar goods and services.


"Boosting production and export is pivotal for Egypt. We know that and are sparing no effort as we work to achieve that aim," added Sisi.


Police Day is celebrated on January 25 and commemorates the police’s resistance against the British occupation forces in Ismailia in 1952. Dozens of officers were killed at the time.


Editor Picks

Multimedia