Economic reform program helps Egypt withstand coronavirus crisis: Sisi

CAIRO – 12 July 2020: “If it had not been for the economic reform program and how the Egyptians had endured the harsh measures applied, Egypt’s position would have been difficult during the corona virus crisis,” President Abdel Fatah El-Sisi stated Sunday.

Sisi clarified during inaugurating a number of national projects, that the reason for the steadfastness of the Egyptian state during the last period was represented by harsh and difficult measures which have been applied since November 2016.

Egypt embarked on a bold economic reform program that included the introduction of taxes, such as the value-added tax (VAT), and cutting energy subsidies, with the aim of trimming the budget deficit. 

The country floated its currency in November 2016 before it clinched a $12 billion loan from the International Monetary Fund (IMF). 

The IMF Executive Board approved in November 2016 a three-year extended fund facility (EFT) loan to Egypt worth $12 billion to support its economic reform program.

“Despite the harsh prices and difficult conditions that passed on almost all Egyptians, citizens endured all those circumstances,” he pointed.

Sisi inaugurated on Sunday a number of national megaprojects, including the Al-Asmarat 3 housing project in Cairo's Mokattam district, which was established to house residents of slums.

Egypt's President Sisi inaugurates number of national development projects

CAIRO - 12 July 2020: President Abdel Fattah El-Sisi inaugurated on Sunday a number of national megaprojects, including the Al-Asmarat 3 housing project in Cairo's Mokattam district, which was established to house residents of slums. The inauguration ceremonies are attended by Prime Minister Moustafa Madbouli, Parliament Speaker Ali Abdel Aal and a number of ministers.