Egypt’s economic capacity has been weakened over the last 60 years by wars, terrorism, corruption and the aftermath of the January 25, 2011 revolution, President Abdel Fattah Al-Sisi said on Saturday, saying he “will not hesitate” to take difficult decisions to remedy the situation.
Speaking at a press conference during the opening of a petrochemical complex in Alexandria, Sisi said that the Paris Club dropping Egypt’s debt, in addition to the aid given to Egypt amounting to USD 43 billion dollars, have given Egypt’s economy a chance.
“During the last four years, Egypt’s internal debt increased by EGP 600 billion, as a consequence of the public pressure to raise the salaries in the public sector,” Sisi said, referring to the aftermath of the 2011 revolution.
“Raising salaries – from [EGP] 80-90 billion to 128 billion a year – without a parallel increase in resources entails more borrowing and more debts,” Sisi explained, adding that the internal debt has reached 97-98 percent of the local production, which is alarming and calls for action.
Recalling the recent decisions concerning consumption prices of electricity, President Sisi said the government spent more than EGP 400 million in investments over the last two years to solve the country’s energy crisis.
Sisi also referred to the government’s ongoing efforts in the fields of gas, water, pensions, roads and bridges and satisfactory social housing.
The president further called on Egypt’s women to stand by Egypt’s side by rationalizing consumption in order to cope with the current economic conditions.
“All the difficult decisions that people have been afraid to take for years, I will not hesitate to take,” Sisi said, addressing the Egyptian people.
Confirming that all procedures taken will be announced to the public, the Egyptian president called for the people not to spread rumors.
“Our eyes are on the ordinary citizen,” Sisi said in an attempt to reassure the Egyptian population that the government will support the country’s poor citizens.