The 12th anniversary of the 25 January, 2011 Revolution in Egypt has approached and the popularity of the head of the military coup authority, Abdel Fattah El-Sisi, is at stake among what remains of his supporters on the Egyptian street. This is because the country is going through one of the worst economic crises, the collapse of its local currency and escalating prices.
The revolution of the Egyptians faced a counter-attack from the military establishment, which resulted in a military coup against the first elected civilian President, Dr Mohamed Morsi, in the summer of 2013. Since that time, the Egyptian economy entered a critical phase, in which the new regime relied on debt and grants.
After nearly nine years of Sisi's rule with an iron fist, and after he made one promise after the other to provide a comfortable life and promised prosperity, poverty is knocking on the door of more citizens. This was mentioned by newspaper reports and international news agencies, reporting the deterioration of living conditions in the largest Arab country with a population more than 104 million people.
The country entered a sharp and dangerous turn at the beginning of 2022, the outbreak of war between Russia and Ukraine, and the subsequent severe economic crisis at a time when the Egyptian economy was burdened with debts, surrounded with hot money, unable to absorb the crisis, and began again to beg the International Monetary Fund. It even offered the State's assets and property for sale and cut the value of the pound in half again.
Millions of Egyptians are now complaining about difficult economic conditions, including those who declared their absolute support for Sisi's political, economic and security policies. However, observers and analysts confirmed to Arabi 21 major changes occurring in Egypt.
At a time when the Egyptian government says that inflation rates have reached 20 per cent, Steve Hanke, a well-known Professor of Economics at Johns Hopkins University, confirms that the real inflation rate in Egypt has jumped to 101 per cent.
The collapse of what remained of Sisi's popularity coincided with a collapse in the Egyptian pound, which was picked up by the Israeli media that warned of its repercussions. Israel Hayom newspaper shed light on the raging economic crisis that Egypt is witnessing, until things reached, according to the statements of Egyptian citizens, the level of a popular desire to get rid of Al-Sisi.
In a report prepared by the Israeli writer, Dana Ben-Shimon, before the anniversary of the January 25th revolution, the newspaper quoted many testimonies of Egyptian citizens that reflect the poor economic conditions there. One example was that of the Egyptian citizen, Mohammad, who was, until a few years ago, a student in Cairo and planned to obtain his PhD, "but life in Egypt was unbearable, so he decided to leave for another Arab country".