Egyptian President says economic conditions part of global crises

Cairo, The Gulf Observer: Egyptian President Abdel Fattah al Sisi denied on Monday all rumors that claimed that the harsh economic conditions the country is facing is a result of miscalculation or wasting the state’s money in an uneeded projects.

During attending the 71st celebration of the Egyptian police day anniversary at the police Academy, Sisi said that “since the beginning of the economic crises that resulted due Covid-19 and the Russian-Ukrainian war we were keen not make citizens bear heavy burdens. Despite this, I know that the crisis has greatly affected Egyptians, especially those with limited incomes who are in a daily crisis to provide for the needs of their families in the face of rising prices, and we affirm that we will always stand by them.”

“We must confront the rumors that say that the current economic conditions in the country are the result of the state’s economic approach and national projects, and not the global economic crisis” Sisi added.

The President gave examples for developing the Suez Canal along with the Energy and transportation sectors saying: “it was not possible for the Suez Canal -as an example- not to be developed during the past period to raise its revenues, or not to develop the energy infrastructure projects or road and transportation networks especially with the increasing population.”

Sisi stressed that: “we worked in all sectors equally at one time, we didn’t miscalculate something and did not develop sectors that did not need much effort over the past seven years.”

He also noted that: “what happened was a very heavy burden, and if we had started it during the coming period, it would have cost twice what we spent. The energy infrastructure also for example needed to be developed and we needed to build more stations.”

“Everything that happened has scientific justifications and motives, otherwise there would have been a severe failure towards the future” Sisi confirmed.

The president also highlighted the investment the country have done during the past period in such huge national initiative to develop the life standers of Egyptians especially in the countryside saying: “Decent life initiative, we expected it to end within three years, and we allocated a large amount of money for it, but when we faced reality, we found that it would take longer and cost much more money, and it was not possible to leave the Egyptians without the development they needed.”