Al-Sisi said, “I say to myself and to the government… that the situation must be reviewed with… International Monetary Fund If the current agreement will make us put pressure on public opinion in a way that people cannot bear“.
Al-Sisi indicated, during a dialogue session at the World Conference on Population, Health and Human Development, held in Cairo today, that Egypt is implementing its current program with the IMF “in light of very difficult regional and international conditions that have extremely negative effects on the economy in the whole world, and this may result in… Economic recession in the next few years“.
“We are part of the world economy, and if these challenges are not taken into account, including the fact that we lost $7 to $8 billion in income from the Suez Canal in just 7 to 10 months, this situation will likely continue for another year. The program currently agreed upon with the IMF would have caused us to put pressure on public opinion in a way that people would not be able to bear, so the situation must be reviewed with the IMF,” according to what Sisi said..
And it was Egypt On Friday, it announced that fuel prices would be raised for the third time this year, just three months after a previous increase, in a move that would increase the high inflation rates that Egyptians are suffering from, with the government moving the prices of many goods and services such as electricity, metro tickets, and trains..
The government is seeking to reduce energy subsidies as part of its plans agreed upon with the International Monetary Fund, which this year approved an expanded loan with Egypt worth eight billion dollars..
Although this increase in fuel prices is the last this year, and will not be raised again for 6 months, it is not the last at all, as Prime Minister Mostafa Madbouly said in July that the prices of petroleum products will continue to rise gradually until the end of 2025 in light of the government’s inability To bear the burden of fuel subsidies amid increased consumption.
During the current year, Egypt also raised the price of a domestic gas cylinder by 140 percent, and its price has now reached 180 pounds, compared to 75 pounds at the beginning of the year..