Egypt faced great challenges, achieved greater successes: Sisi at Egyptian Family Iftar

MENA , Wednesday 27 Apr 2022

President Abdel-Fattah El-Sisi said Egypt has faced great challenges over the past years but achieved greater successes. Speaking at the Egyptian Family Iftar banquet on Tuesday, the president vowed to remain honest with Egyptians and loyal to the homeland.

Sisi at Egyptian Family Iftar

 

Sinai tribal leaders, representatives of farmers and political parties, artists, intellectuals, academics, businessmen, youth, and women attended the event.

The president said that the incidents of the TV series El-Ekhteyar 3 (The Choice 3), which depicts the period following the 25 January Revolution 2011, have in fact taken place.

He said Egypt ran out of foreign currency reserves in a period fraught with crises that no president would have been able to overcome.

El-Sisi went on to say that Egypt suffered losses worth $37 billion in less than 24 months due to post-2011 turmoil, noting that the army spent EGP 1 billion monthly for seven years to eradicate terrorism.

With regard to the losses that the state incurred following the 2011 events, the president said Egypt's credit rating retreated six times from 2011 to 2013.

He added that 35,000 cases of encroachments on agricultural lands were recorded between 2011 and 2013.

The president noted that that period witnessed a hike in unemployment rates and a sharp decline in foreign reserves.

El-Sisi added that Arab countries' support since 2013 has contributed to preserving the Egyptian state, hailing the great financial support Arab states gave between 2013 and 2014, and saying that they provided Egypt with tens of billions of dollars to support the country's economy.

Egyptians have borne the brunt of implementing an ambitious and necessary programme for economic reform, which was implemented in tandem with rebuilding and developing the state's infrastructure, the president noted.

He said Egypt’s development strides have been firm and steady and its will to realise progress is unwavering.

El-Sisi greeted Sinai tribal leaders and thanked them for their cooperation with the state.

"We target achieving real development in Sinai," the president said.

He asserted that the state has managed to overcome the coronavirus crisis and will be able to deal with the repercussions of the Russia-Ukraine crisis. 

El-Sisi's directives and announcements:

President El-Sisi issued during his speech a set of economy-related directives, chief among which was directing the government to hold an international press conference to declare the Egyptian state’s plan to deal with the crisis and to attract investments in the fields of infrastructure, energy, tourism, and real estate development.

He also assigned the government to support local wheat farmers in Egypt – which used to get 80 percent of its wheat imports from Russia and Ukraine – and provide them financial and service incentives to increase Egypt’s local wheat production and reach self-sufficiency.

He announced the launch of an initiative to strengthen local industries and reduce imports while granting a five-year tax exemption.

The president also directed different state bodies to back civil society activities and community action to achieve sustainable development.

The president gave instructions to reinstate the Presidential Pardon Committee, which was initially formed in 2016.

El-Sisi directed the government to continue organising exhibitions and fairs that offer staple commodities at affordable prices.

He ordered National Youth Conference organisers to hold a wide-ranging dialogue on issues of interest to society and to refer the recommendations to him.

The president asserted that he was keen to activate political reform programmes, noting that the state intends to initiate a dialogue comprising all political forces.

El-Sisi ordered the government to draw up an urgent action plan to reduce debt and cut the budget deficit, in addition to developing the EGX.

He directed the government to launch a four-year programme that allows the private sector to hold stakes in state-owned assets, with a target of $10 billion annually.

The president revealed that a sum of EGP 45 million has been allocated to pardon indebted jailed persons.

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