President Abdel Fattah el-Sisi announced on Saturday that Egypt is determined to find definitive solutions to its economic challenges and is diligently working across all sectors and fields.
During his inspection visit to the Military Academy this morning, El-Sisi emphasized that the government’s aim is to address the economic challenges head-on. He stated, “We are implementing a series of measures to mitigate the impacts of this crisis.”
The president was quick to note that Egypt’s current economic plight isn’t solely a result of domestic factors but is also affected by global events, such as the COVID-19 pandemic and the Russo-Ukrainian crisis, which have both significantly impacted global prices.
In his address, El-Sisi assured the nation that the government is ensuring strategic reserves of essential commodities for a period ranging from five to six months. He emphasized that the situation related to basic commodities is stable, urging the public not to be overly anxious. “We are working on providing foreign currency and will not cease to provide our basic needs,” he stated.
Highlighting the government’s plan to address the economic woes, the Egyptian president mentioned the ambitious goal of bringing a vast tract of agricultural land onto Egypt’s map, whether in the new Delta, Toshka, East Owainat, or even in Sinai. “We are talking about a total of 3 million acres, combined with the Egyptian countryside. This represents a significant effort and a vast expanse of land for agricultural production, unprecedented in a relatively short period,” he stated.
Despite these efforts, El-Sisi pointed out that the country still needs to import essential goods such as wheat, corn, and cooking oil in large quantities. “Our local consumption of wheat alone reaches 20 million tons a year. Even if we produce half of it, we need the other half from outside Egypt,” he elaborated.
Discussing the ongoing electricity issue, the president mentioned, “When we talk about electricity, we need 18,000 tons of diesel daily to run our power plants at full capacity, especially in high temperatures. That’s more than half a million tons of diesel per month, costing around 300-350 million dollars, excluding gas. Without our gas production, we would face a severe crisis.”
El-Sisi ended his remarks by reiterating Egypt’s moderate and balanced foreign policy that avoids meddling in other nations’ internal affairs. He emphasized Egypt’s role as a positive agent in solving regional crises, recalling Egypt’s hosting of a conference for Sudan’s neighboring countries to find a peaceful resolution to Sudan’s challenges.
