"It is important for the government to review the program that we agreed on with the International Monetary Fund if it means putting pressure on the public that people cannot bear," said the president.

El-Sisi's remarks came during the launch of the second edition of the Global Congress on Population, Health and Human Development (PHDC'24), held in Egypt's New Administrative Capital.

Egypt is engaged in an $8 billion loan programme with the IMF, which stipulates phasing out certain subsidies to lower the budget deficit.

El-Sisi said the government is facing economic challenges in the context of global and regional crises.

He noted that Egypt had implemented its first economic reform program in 2016 amid a more stable regional and international environment.

Implementing the current economic reform programme has, however, proven more difficult due to the challenging regional and global conditions, according to El-Sisi. 

He highlighted that the country has lost between $6 and $7 billion over a 10-month period due to regional crises -- a trend which may continue for another year, causing economic difficulties.  

He reaffirmed in conclusion how the world, including Egypt, was grappling with the ramifications of a negative global economic situation amid predictions of potential global recession in coming years.