Sisi calls on Egyptians to stand firm in face of economic challenges 

Egyptian President Abdel Fattah Al-Sisi has called on Egyptians to face the exacerbated economic challenges facing the country with “courage”, claiming the crisis is caused by the war in Ukraine and two years of the coronavirus pandemic.

Speaking yesterday, Al-Sisi denied that the government had wasted the people’s money on useless projects, including spending billions on the Administrative Capital and the Suez Canal while Cairo’s cash reserves do not exceed about $34 billion, including $28 billion in deposits from allied Gulf countries.

Egypt’s foreign debts have more than tripled over the past decade to reach $157 billion.

Al-Sisi, however, said the economic crisis is not unique to Egypt and the entire world is suffering.

Egyptians are experiencing a difficult economic situation in light of the high cost of living and the depreciation of the Egyptian pound, which has lost more than half of its value since March.

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