
Egyptian President Abdel-Fattah El-Sisi speaks during his speech the 73rd anniversary of Police Day. Photo courtesy of Egyptian Presidential spokesman Facebook page.
El-Sisi made these remarks during a luncheon held on the sidelines of the celebration marking the 73rd anniversary of Police Day, which is observed annually on 25 January.
During his speech, El-Sisi explained that as the population increases and agricultural production in rural areas declines, Egypt faces a growing demand for imports to fill the gap.
"Now we are talking about the demands of 120 million people. Our goal is to increase our capacity and resources," he said, highlighting that wheat and corn, which once sufficed, no longer fulfill the country's needs.
El-Sisi also stressed the country's efforts to reduce its import bill, calling it "a strategic goal," to bridge the gap between the demand for dollars and the country's foreign currency expenditure.
He further stated that Egypt requires $20 billion annually to cover its petroleum import needs.
El-Sisi continued, "It is crucial to have a thorough understanding when discussing Egypt's situation in order to engage in an objective conversation. The state needs 10 million tons of wheat, 13 million tons of corn, soybeans, cooking oil, and other essential supplies."
Moreover, he noted that Egypt did not face these issues in the 1950s because the demand for dollars and foreign currency was lower, as rural Egypt was able to meet the needs of the entire population, whether in rural, urban, or other areas.
El-Sisi said that despite incurring no debts until 1970, Egypt faced an increasing demand for borrowing in the aftermath of the 1967 war and the war in Yemen.
As a result, the country's debt increased significantly, reaching over $100 billion in 1989 and 1990.
El-Sisi explained that in recent years, the country had to choose between economic contraction (focusing solely on fulfilling its citizens' basic needs) and building the nation, pointing out that the state chose the latter course.
Furthermore, he highlighted that approximately EGP120 to 130 billion were spent on fighting terrorism alone until it was eradicated by 2022. He stressed that these funds were allocated to protect the country and fortify it against existential threats, not for development purposes.
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