Overcoming US dollar crisis is ‘strategic matter’, we strive for real reform, President Sisi

CAIRO – 22 January 2025: President Abdel Fattah El Sisi shed light, Wednesday on the US dollar crisis and its impact on the Egyptian economy, assuring that ‘the solution for the US dollar crisis in our country is to reduce the ‘importing bill’ and reduce ‘dollar-spending’.

He described it as a ‘strategic matter for the state’, and that ‘we should use all opportunities for to produce and export,”

He added during attending a luncheon banquet as part of the 73rd Police Day celebration that “Egyptians did not feel the dollar crisis during the 1940s and 1950s because the demand for US dollar was not huge. Egyptians in the countryside back then were capable of production, and as the number increased and the countryside's production decreased, the gap widened. Now the population is about 110 million citizens,”

He added, “We must all work to ensure that dollar resources are greater than our spending. I am one of the people who witnessed the dollar at 30 piasters.”

Sisi said that US dollar is a ‘free currency’ that reflects the ability of the Egyptian state to meet its demands and the demands of its people in a stable manner.

President Sisi also said the state needs $20 billion for petroleum products only, “which means that we take a US dollar and sell it with Egyptian pounds, we do not sell it at its value but less. Which means that we want to secure $20 billion for this sector.”

Egypt’s President also talked about all the projects achieved during the past period saying that all data and information regarding what has been accomplished in the energy sector and Ministries of Petroleum, Electricity and Transport are available online through the websites of the Presidency, Cabinet, and all relevant ministries.

“As time went by, people forgot. Cairo, Alexandria and the rest of the governorates had problems that we worked on and fixed it. Now, people are walking in the streets of these governorates because they don't feel the problem anymore. Building countries requires effort, sacrifice, work and dedication,” President Sisi said.

"We also forgot that we came out of 2011, 2012 and 2013 in a great ordeal, fighting, chaos, sabotage and destruction of the Egyptian state. Then you forgot that we stayed until 2022. Terrorism ended in 2022. This is not a simple thing in the history of countries and some  that fought for 20 years and still haven't come out. So, God helped us to end this issue in 2022. We spent a lot on this matter,"

President Sisi also discussed the Suez Canal profits, saying that, “last year, the Suez Canal achieved profits of nearly 10 billion, and we were hoping for more in the following years, but due to the crises that took place last year, profits decreased by about 6 B, and we achieved profits of only about 4 and a half billion.”

“With work, patience and true will, we will overcome the current crises and achieve what we want, and the citizens will feel that things have improved when the state can cover all its expenses”, Sisi said.

He concluded his statements by saying, “trust that we are striving to bring real reform and are moving in all sectors to develop them and achieve a successful and democratic state.”