Sisi at Al-Mawlid celebration: We believe that current economic hardships will soon be over

CAIRO – 27 September 2023: Egypt’s President Abdel Fattah El-Sisi said the past years of extensive, unprecedented development work has made the national economy more robust, resilient and flexible.

“This prompts us to firmly believe that the current hardships will soon be over,” Sisi said in a speech at a celebration on Wednesday marking Prophet Muhammad’s Birthday (Al-Mawlid Al-Nabawi).

The Egyptian state is exerting utmost efforts to mitigate the impact of these hardships on people, Sisi said.

“At the same time, we are working on maintaining the necessary momentum to complete development projects and economic growth,” Sisi stated.

Sisi extend greetings to the Egypt, Arab and Islamic peoples on Mawlid Al-Nabi, praying Allah to return this blessed memory upon all mankind with good and peace.

“We find in the course of life of the Prophet of Mercy and Guidance abstract values, transcending time and place. Perhaps those include steadfastness on the truth and faith, particularly in times of hardships,” the president stressed.

He added that the Prophet had to pass so many harsh tests with he and his message facing enormous ordeals and hardships.

“Steadfastness in the face of those severe storms was great and lofty, with an unshakable faith in the victory of Allah and unceasing work that knows no path to idleness,” Sisi said.

The celebration this year comes while the world is experiencing extreme circumstances that evoke memories of stress, anxiety and turmoil, unseen in long decades, including COVID-19 and the Ukraine war, Sisi said.

This forced major world countries to raise interest rates in an unprecedented manner in the hope of containing inflation, which prompted a heavy exodus of capital from developing countries to rich countries, Sisi said.

This resulted in the foreign exchange crisis that our economy and many other emerging economies are facing, he added.

“I tell you honestly that a sweeping storm like that one was enough, in normal circumstances, to completely crush our economy and annihilate many of the accomplishments of the Egyptian people,” Sisi said.

However, the past eight years of extensive development work, which was unprecedented in magnitude, scale, and speed, resulted in great robustness and resilience in our national economy, he added.