Egyptian President: The state will not liberalize the exchange rate of the dollar if it will affect the citizens

Egyptian presidency

Egyptian President Abdel Fattah El-Sisi said that the government intervened in the exchange rate to stabilize the price of the dollar.

President El-Sisi stressed in an intervention during a dialogue session within the activities of the National Youth Conference in Alexandria – that the state will not move forward except by reducing the import and dollar gap.

El-Sisi indicated that Egypt needs requirements of about $90 billion annually in order to purchase citizens needs from abroad.

President Abdel Fatah al-Sisi inspected Wednesday projects implemented within Decent Life initiative at Al Abaadeya village located in Beheira governorate and met community leaders, addressing the nation on the economic crisis.

President Sisi said that no one can accomplish something on their own, and that joint work is key. “Look at you on the level of small communities. When someone goes through a crisis, with the help of all of you, they overcome it,” President Sisi said.

“We have been in a crisis for three years [since outbreak of COVID-19]…It slowed our progress…It caused price hikes…Yet, the population increased by 6 million…We also have nine million refugees and migrants…Further, in the past nine weeks, 120,000 crossed into Egypt from Sudan,” the Egyptian president stated.

“The people of all countries that experienced armed conflict came to Egypt…We share with them and let them study at our schools, although we don’t have much…We have been in a crisis for so long,” Egypt’s chief of state affirmed. Nevertheless, he reiterated, “We’re doing well, and we will be doing well”.

The president noted that the beneficiaries of subsidized food staples amount to 70 percent of Egyptians. “Even if the government buys wheat at relatively low prices from farmers, we sell the subsidized loaf at 5 piasters, although it costs 80 piasters. We need the 10 million tons produced locally, or else, we will need to import, which in turn, will put pressure on hard currency availability,” he clarified.

President Sisi highlighted that Beheira is the largest agricultural governorate, lamenting that the countryside nationwide no longer covers its needs as well as a significant portion of urban needs. He underscored that the government always ensured the availability of a stock of strategic goods that would suffice for six months ahead.

Four years ago, merely 11,000 patients, who needed free of charge surgeries and who were on waiting lists, received the service. After launching an initiative to eliminate those lists, surgeries were carried out for two million patients. Until now, LE15 billion have been spent, and LE5 billion more were allocated for the coming period, the president showcased
With regard to development, the government spent LE150 billion on Decent Life initiative, and the total will hit LE1 trillion when finished, President Sisi declared.

He added that the universities introduced over the past few years coupled with ones that previously existed would fulfill demand on higher education until 2050.

“We’re currently focusing on the manufacturing sector to serve four main purposes that are creating jobs, raising the GDP, substituting imports, and boosting exports, and in turn, inflow of hard currency,” President Sisi underscored.

The chief of state also shed light on water recycling projects accomplished in Egypt, such as the ongoing lining of canals to reduce loss. That is in addition to Mahsama Plant whose capacity is up to one million cubic meters a day, and whose purpose is reclaiming and irrigating lands in Sinai. Moreover, there is the in-progress Al Hammam Plant whose daily capacity will be 7.5 million cubic meters.

The plants equally contribute to the elimination of pollution, given that the water treated by Mahsama Plant used to be drained into Lake Temsah in Ismailiyah, while that to be recycled by Al Hammam Plant used to be channelled to Al Max Canal in Alexandria.

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