Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Sayyed Ali Khamenei: The model Trump is presenting to Arab countries is absolutely a failed one
The leader of the Islamic Revolution and the Islamic Republic of Iran Sayyed Ali Khamenei: Trump's remarks source of shame, embarrassment for him, Americans
Al-Zaidi to Al Mayadeen: There is a pressing need to restructure the regional landscape, a challenge facing the Baghdad Summit, and we hope it will succeed in doing so
Al-Zaidi to Al Mayadeen: Among the urgent issues on the summit’s agenda are ending the war in Palestine and addressing the complex situation in Syria
Al-Zaidi to Al Mayadeen: We hope the summit will yield reasoned solutions that serve the interests of regional stability
Al-Zaidi to Al Mayadeen: We hope that the summit will be an opportunity to achieve the long-awaited breakthrough in all regional issues
Iraqi presidential spokesperson Abdullah al-Zaidi to Al Mayadeen: The significance of the summit stems from the critical timing under which it is being convened
Yemeni Ministry of Health: The Zionist aggression on the ports of Hodeidah and Salif in western Yemen has killed one and injured 11
Yemenia Airways flights to and from Sanaa International Airport resumed, following the return of 134 passengers from Queen Alia Airport in Jordan
Russia's Putin invites league of Arab states, secretary general to take part in 1st Russian-Arab summit in October: Kremlin

Egypt's President warns of 'unbearable' economic pressure

  • By Al Mayadeen English
  • Source: Agencies
  • 20 Oct 2024 21:25
3 Min Read

Since 2022, Egypt’s economy has been in crisis, heavily reliant on imports and dominated by military-linked enterprises.

Listen
  • x
  • Egyptian President Abdel Fattah el-Sissi, attends a conference to support Jerusalem at the Arab League headquarters in Cairo, Egypt, Sunday, Feb. 12, 2023. (AP)
    Egyptian President Abdel Fattah el-Sissi, attends a conference to support Jerusalem at the Arab League headquarters in Cairo, Egypt, Sunday, Feb. 12, 2023. (AP)

Egyptian President Abdel Fattah al-Sisi warned on Sunday that the country’s growing economic challenges could lead to "unbearable" pressure on the population, potentially forcing a review of Egypt’s economic reform program with the International Monetary Fund (IMF).

Speaking at the Global Congress on Population, Health, and Human Development in Cairo, Sisi’s remarks come as Egyptians prepare for further inflation, following the third fuel price hike this year.

"If these challenges will make us put unbearable pressure on public opinion, then the situation must be reviewed with the IMF," Sisi said.

Since 2022, Egypt’s economy has been in crisis, heavily reliant on imports and dominated by military-linked enterprises.

Foreign debt has surged, while the Egyptian pound has experienced several devaluations, fueling inflation that peaked at nearly 40% last year.

Although inflation has recently fallen to 26%, rising fuel costs, including a 17% increase in diesel and industrial fuel, are expected to push prices higher.

The IMF approved an additional $5 billion loan for Egypt this year, with conditions that include a more flexible exchange rate, reduced government debt, and increased private sector involvement.

However, Sisi stressed that Egypt’s challenging regional and global circumstances, including ongoing wars on Gaza and Sudan, must be factored into the reform process.

Related News

Lebanon aims for initial IMF agreement within months: Bloomberg

Lebanon approves key banking secrecy reform amid IMF negotiations

Read more: UAE hides weapons behind aid to fuel conflict in Sudan: NYT

Sisi also noted that disruptions in the Red Sea have reduced Suez Canal revenues by $6-7 billion in recent months, further straining the country’s finances.

"We have lost $6-7 billion only in the past seven or eight or 10 months," Sisi said.

As inflation and fuel hikes continue to place pressure on the population, the IMF’s next review of Egypt’s loan program, initially planned for September, is expected in the coming months.

Anticipated Economic Pressure

Egypt’s economic pressure stems from a combination of internal vulnerabilities and external challenges.

The country’s heavy reliance on imports, including essential goods and fuel, makes it particularly sensitive to global market fluctuations. Soaring foreign debt and the devaluation of the Egyptian pound have significantly increased the cost of living for ordinary citizens.

As part of the IMF agreement, Egypt has been cutting fuel subsidies, which has led to multiple fuel price hikes, intensifying inflation.

The reforms have also placed a heavy burden on the population, raising the prices of goods and services.

Regional wars on Gaza and Sudan, along with the escalation in the Red Sea, have further disrupted key revenue streams like Suez Canal earnings, compounding the crisis.

Read more: Netanyahu remarks on Philadelphi Axis obstructing negotiations: AFP

  • International Monetary Fund
  • Egypt
  • Abdel Fattah Al-Sisi
  • IMF
  • Egyptian Pound
  • Abdel Fattah el-Sisi
  • Egypt economy

Most Read

Two F-35 jets arrive at it's new operational base Wednesday, Sept. 2, 2015, at Hill Air Force Base, in northern Utah. (AP)

F-35 near-misses over Yemen signal new risks for 'Israel': Forbes

  • Politics
  • 14 May 2025
Palestinians pray over bodies of people killed in the Israeli bombardment who were brought from the Shifa hospital before burying them in a mass grave in the town of Khan Younis, southern Gaza Strip, Wednesday, Nov. 22, 2023. (AP )

Gaza casualty figures mask a much bigger horror, new study shows

  • Politics
  • 11 May 2025
Gaza and the logic of necropolitics: Sovereignty measured by killing

Gaza and the logic of necropolitics: Sovereignty measured by killing

  • Politics
  • 15 May 2025
Abu Obaida

Abu Obeida posts shortly after Israeli reports about his assassination

  • Palestine
  • 15 May 2025

Coverage

All
Gaza prevails against genocide

Read Next

All
Israeli media: Yemen may push 'Israel' towards ceasefire in Gaza
MENA

Israeli media: Yemen may push 'Israel' towards ceasefire in Gaza

Palestinians struggle to get donated food at a community kitchen in Khan Younis, Gaza Strip, Friday, May 16, 2025 (AP)
Politics

Trump administration planning to send 1 million Palestinians to Libya

President Donald Trump greets Israeli Prime Minister Benjamin Netanyahu at the White House, Monday, April 7, 2025, in Washington. (AP)
Politics

'Israel' concerned, says US withholding info about indirect Iran talks

Israeli Prime Minister Benjamin Netanyahu during the annual ceremony at the Yad LaBanim Memorial in occupied al-Quds on Tuesday, April 29, 2025 (AP)
Politics

Netanyahu cancels Vatican visit over fears of ICC arrest

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS