Egypt's President Abdel Fattah El-Sisi speaks on the sidelines of the 72nd Police Day celebration in Cairo, 24 January, 2024. Photo: Screenshot from Egyptian Presidency
"We must definitively solve the dollar issue," El-Sisi said, stressing the need to achieve high export and local manufacturing rates in a short period of time to acquire the foreign currency needed for imports.
During a meeting with officials and media figures on the sidelines of the 72nd Police Day celebration in Cairo, El-Sisi asked the attendees whether Egypt's crisis is due to the way the state has been arranging its priorities since 2013, replying: "I say no."
"Could the state have established industries without essentials like electricity or gas? Could Egyptians have endured terrorism and its repercussions to save the expenses of combating it, which amounted to EGP 120 billion?
Following 2013, and with the terrorist attacks back then, "the goal was to lift citizens' poor morale and frustration, and the state had to be strong," El-Sisi noted.
The president said progress in Egypt was notable until 2020, with a growth rate surpassing six percent. He stressed the need to preserve the accomplishments of the past years, although Egypt's resources are limited amid the growing population.
Early Wednesday, El-Sisi said that Egypt faces a recurring dollar shortage crisis every few years primarily, due to the government providing basic services to citizens in the Egyptian pound while needing to purchase them in dollars.
Israeli War on Gaza
El-Sisi said Cairo has always been seeking to resolve conflicts. "We always aim to prevent the expansion of war," he stated, addressing the exhaustion caused by the past four months of war in the Gaza Strip.
For more than 100 days, Israel has continued its brutal war and relentless attacks in the Gaza Strip, with overnight and early morning assaults, leaving the Palestinians facing multiple crises in health, food, humanitarian, and service levels.
El-Sisi expressed his hope for resolving the conflict, especially on the Lebanese-Israeli borders, calling for a ceasefire, the release of captives and prisoners, and ultimately moving towards a post-war era.
Since the Israeli war on Gaza began in October, tensions have risen across the region, with Israel repeatedly striking Lebanese border villages, resulting in the killing of more than 195 people in the Lebanon, stoking fears of widening the conflict.
Regional Conflicts
"It is not in the region's interest to engage in conflicts, due to the severe consequences for all parties involved," El-Sisi said.
Referring to the current crisis between Ethiopia and Somalia, the president stated: "We hope [the situation doesn't] get out of control, whether in Sudan, Libya or Somalia." He affirmed Egypt’s full support for diplomatic action and agreements between Ethiopia and Somalia, Eritrea, Djibouti, or Kenya, for imports and exports.
Tensions in the Horn of Africa have escalated after Somaliland agreed on 1 January to lease 20 kilometres of its coast for 50 years to Addis Ababa, which wants to set up a naval base and a commercial port in that area, giving the landlocked Ethiopia long-desired access to the Red Sea.
Global Repercussions
El-Sisi said there are global economic and security repercussions for these conflicts, not only in Egypt, but also in Europe, East Asia, Japan, the Philippines, and China. The conflicts have resulted in soaring prices, disruptions in commercial transportation and supply chains, as well as other economic impacts.
Egypt's president highlighted other crises owing to the COVID-19 pandemic, the Russian-Ukrainian war, and the Israeli war on Gaza. He noted that Egypt, like other countries, is affected by these global developments, shedding light on the potential global impact of regional conflicts.
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