News

Egypt’s Sisi: Economic Reforms ‘Difficult but Essential’

Egypt’s Sisi: Economic Reforms ‘Difficult but Essential’

Egyptian President Abdel Fattah al-Sisi speaking at a press conference. (i24 News)
Egyptian President Abdel Fattah al-Sisi speaking at a press conference. (i24 News)

The economic reforms the state is currently implementing are “difficult” but “essential,” Aswat Masriya quoted Egypt’s President Abdel Fattah Al-Sisi as saying on Friday.

Speaking at a meeting with the heads of the three state-owned newspapers (Al-Ahram, Al-Gomhoreya and Al-Akhbar), Sisi said, “We are at a bottleneck on the way out [of the crisis], and if we want to get out, we must take tough measures; we have to endure them and be patient.”

The president said that the government is working to protect the country’s poorest citizens from the repercussions of the reform policies, adding that the state is also working to ensure subsidies reach those in need.

Egypt is expected to devalue the local currency soon, which will further drive up inflation. However, despite the crunch Egyptians will experience following the devaluation, such a measure is seen as necessary to address the country’s foreign currency shortage that has hampered economic growth over the last few years.

The devaluation is also a necessary step before Egypt receives final approval from the International Monetary Fund for a USD 12 billion loan, Managing Director of the IMF Christine Lagarde said. Egypt and the Fund reached a preliminary agreement in August regarding the loan, which will be used to fund Egypt’s economic reform program.

The government has introduced a number of economic reforms in an effort to reduce the state’s budget deficit and revive its economy, which has been struggling since the 2011 uprising that ousted longtime dictator Hosni Mubarak from the presidency after three decades.

Egypt Squash Champions El-Sherbini, El-Shorbagy Reach US Open Finals
Egypt and Switzerland Sign Joint Agreement to Improve Solid Waste Management

Subscribe to our newsletter


News

More in News

egypt

Egypt Defeats Uganda in African Cup of Nations

Egyptian StreetsJanuary 22, 2017
Egypt's Karim Abdel Gawad and France's Camille Serme

Egypt’s Karim Abdel Gawad Wins Tournament of Champions in New York

Egyptian StreetsJanuary 21, 2017
22.jpg.crop_display

Cairo Court Lists Egyptian Football Legend Aboutreika on Terror List

Egyptian StreetsJanuary 19, 2017
32385636795_e6f5d7101d_z

Egypt Secure Spot in Knockout Stage at 2017 Handball World Championship

Egyptian StreetsJanuary 19, 2017
1073779_big-lnd

Egypt’s Essam El-Hadary Makes African Cup History

Egyptian StreetsJanuary 18, 2017
pol

Eight Policemen Killed in Attack in Egypt’s New Valley

Egyptian StreetsJanuary 17, 2017
Tiran Island

Egypt High Court Declares Void Transfer of Tiran and Sanafir to Saudi Arabia

Egyptian StreetsJanuary 16, 2017
Top-best-hd-wallpapers-dubai-skyline-hd-wallpapers-imagen-by-balamuda

Egyptians Invest EGP 13 Billion in Dubai Real Estate in 2016

Egyptian StreetsJanuary 15, 2017
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2016 ES Media UG. All Rights Reserved.