Egypt’s President Abdel Fattah Al-Sisi affirmed that Egypt witnessed hard challenges after 2011, but it succeeded in overcoming these challenges and surviving. He pointed out that the chaos that Egypt witnessed after 2011 cost the state about $450bn.
Al-Sisi added that the challenges that Egypt faced were parallel and it was necessary to confront them simultaneously.
During his speech in the main session of the World Government Summit in the UAE on Monday, the president explained that the first challenge that the Egyptian state faced was the state of fragmentation, disintegration and loss of hope on the part of the Egyptians. The Egyptian President warned that the state that falls cannot get up again.
He further mentioned that other challenges faced by the Egyptian state, include energy and power outages, pointing out that he announced that the electricity problem that had been going on in Egypt for seven years must be resolved immediately.
“EGP 1.8trn was spent in the electricity sector during the past years in order to address the challenge of the energy crisis in Egypt.”
Al-Sisi stressed the importance of communicating with people to clarify the dimensions of the challenges facing countries. He indicated that the Egyptian experience has its own specificity, as the Egyptian people could not bear the continuation of the electricity crisis for another year.
Meanwhile, President Al-Sisi met in Dubai with Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF).
The meeting dealt with reviewing aspects of relations between Egypt and the IMF, especially in light of the cooperation program between the two sides to complete the implementation of the Egyptian economic reform process.
During the meeting, Al-Sisi appreciated the fruitful participation and constructive cooperation between the Egyptian government and the IMF to continue implementing the comprehensive economic reform program.
He affirmed Egypt’s keenness to continue to strengthen structural reforms related to fiscal and monetary policies and to maximize the role of the private sector, in a way that helps provide a positive climate for all Investors and global financial markets about the Egyptian economy, and enhance the investment opportunities and the broad prospects it offers.
“Georgieva praised the performance of the Egyptian economy and its ability to withstand and absorb the negative repercussions resulting from the Coronavirus pandemic and the Russian-Ukrainian crisis, taking into account the development vision that the Egyptian state seeks to pursue under the leadership of the Al-Sisi in order to continue improving the overall indicators of the Egyptian economy,” according to Ahmed Fahmy, the spokesperson of Egypt’s Presidency.