Egyptian President Abdel Fattah al-Sisi called on the government to review Egypt’s program with the International Monetary Fund (IMF) in light of current regional and global developments.
During his speech at the second edition of the Global Congress on Population Health and Human Development on Sunday, Sisi explained that, “The state worked on economic reform through two programs.”
“The first succeeded because it was before the outbreak of the Coronavirus; due to the stability of global conditions, while the second is unfortunately faltering due to global economic instability, and there are very difficult challenges, so the IMF must be well aware of this position,” he said.
President Sisi pointed out that the circumstances surrounding the region have cost Egypt around six to seven billion dollars in about 10 months.
He continued: “The state does not want to increase pressure on public opinion, as it has entered into a challenge with the economic crisis through the economic reform path project. The current program is under very difficult regional and global circumstances, and we are part of the world economy, and therefore we must place these current challenges within the agreement’s framework.”
“I tell the government that if the economic challenge will make us pressure public opinion in a way that people cannot bear, then the situation must be reviewed with the IMF.”
President Sisi continued: “In Egypt, we have experience in how to present a crisis, and how to turn an ordeal into a gift.”
Experts back Sisi’s statements
Economic experts praised President Sisi’s statements on Sunday regarding the need to review the agreement with the IMF, especially since it will place people under potential pressure.
The head of the Planning and Budget Committee in the House of Representatives, Fakhry al-Fiky, said that Sisi’s message was to the government represented by the economic ministerial group so that it will consider, during its upcoming meetings with the IMF, conducting negotiations on the procedures related supporting programs and the exchange rate.
Fiky told Al-Masry Al-Youm that Egypt is now at the risk of citizens suffering daily from living burdens beyond their capacity, which threatens the nation’s social fabric.
Edited translation from Al-Masry Al-Youm
