CAIRO: Abdel Fattah El-Sisi, the president of Egypt, has issued a warning that regional issues may result in “unbearable” economic strain on the populace and a reexamination of globally requested economic changes.
As Egyptians prepare for a fresh round of inflation due to fuel price increases, El-Sisi stated at the Global Congress on Population, Health, and Human Development in Cairo that “if these challenges will make us put unbearable pressure on public opinion, then the situation must be reviewed with the IMF.
Since 2022, Egypt has been enmeshed in an economic catastrophe. The economy, which has been dominated by businesses with ties to the military and has spent years on costly infrastructure mega-projects, is nearly totally dependent on imports.
Inflation has increased due to the currency’s multiple devaluations and the explosion of foreign debt. This year, the International Monetary Fund authorised a $5 billion addition to a $3 billion loan for the most populous country in the Arab world.
According to the IMF, the Washington-based lender in turn called for extensive changes, such as a move towards a more flexible exchange rate, strategies to increase the private sector’s contribution to the economy, and measures to address excessive inflation and public debt.
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