Egypt’s Sisi acknowledges economic hardship, urges public endurance amid rising prices

Egyptian President Abdel Fattah el-Sisi acknowledged the severe economic difficulties facing the country, saying he understands the suffering of citizens caused by rising prices and inflation but defended the government’s economic reform program as unavoidable.

Speaking at the 42nd Cultural Symposium of the Egyptian Armed Forces, marking the 52nd anniversary of the October 1973 War, Sisi said he remains “part of the Egyptian people” and not detached from their daily struggles.

“The difficult economic conditions the country is experiencing cannot be resolved except through the current path based on work, reform, and shared endurance,” Sisi said, stressing that “there is no other solution than what we are doing.”

He defended recent economic measures as “necessary and irreplaceable,” comparing the national economy to a household budget. “Every home has resources and expenses,” he explained. “If both are equal, that’s good; if income is higher, even better. But if income is less than liabilities, that creates a problem, and people start borrowing — and loans come with interest and instalments.”

Addressing the fuel price crisis, Sisi said the state bears a “huge burden” from fuel subsidies. “The pound we put into fuel isn’t a single pound; it’s a pound with interest and instalments to pay,” he said, calling on Egyptians to share responsibility in confronting the country’s challenges.

He urged citizens to increase their economic awareness, saying, “If you understand the difference between the budget and resources, you will understand the true magnitude of the challenge… and what is required of us is effort, perseverance, and the necessary measures to change the situation for the better.”

Egypt’s economic crisis has been fuelled by a combination of domestic and external pressures, including inflation that reached 34 per cent in September 2024, a 60 per cent depreciation of the Egyptian pound against the US dollar since March 2024, and a 20 per cent hike in fuel prices in August. The ongoing Israeli war on Gaza and disruptions to Red Sea shipping caused by Houthi attacks on commercial vessels have further strained the economy.

READ: Egypt FM: Recovering bodies of Israeli captives will take considerable time