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Egypt: Sisi says government will not reduce projects’ spending 

December 27, 2022 at 6:00 pm

Egyptian President Abdel Fattah al-Sisi [Royal Court of Saudi Arabia – Anadolu Agency]

Egyptian President Abdel Fattah El-Sisi said the government will not cut spending on national projects, despite the scarcity of US dollars in the market.

Speaking during the inauguration of a project in Egypt, El-Sisi said Egypt is continuing to spend on national projects without paying attention to the pressure resulting from the scarcity of the US dollar supply in the market.

Since the outbreak of the Russian-Ukrainian war, more than $23 billion worth of investments have exited Egypt.

Since the last quarter of 2022, Egypt has intensified restrictions on the dollar exit from the local market, restricted imports for several weeks of secondary commodities, prevented withdrawals from abroad in foreign currency, and launched plans to enhance the dollar entry into the markets.

This month, the International Monetary Fund approved a $3 billion loan to Egypt.

In another issue, El- Sisi commented on the Suez Canal Fund, initially approved by parliament amid controversy; saying it will be “immunised” after its approval and “under the supervision of the regulatory bodies,” with the aim of supporting investments and development of the canal.

Egypt’s parliament recently approved, in principle, a draft law that would allow the establishment of a fund for the Suez Canal Authority that can buy, sell, lease, or benefit from its fixed and movable assets.

READ: Sisi instructs government to cut down spending