commitment Egyptian President, Abdel Fattah el-Sisi With more social protection measures and emphasizing the state’s plan to make more sectors available to the private sector, he pointed out that a salary of less than 10,000 pounds per month is not enough to live on.
Al-Sisi expressed his dissatisfaction with the level of salaries received by employees, and said that “salaries are tired… and less than 10 thousand pounds for anyone who will not live.”
He explained that, “Poverty must be hated and everyone should rise to change it… I should not hate the behavior of poverty, but poverty itself and aim for poverty and change it together.”
In a related context, Sisi revealed that the new administrative capital has achieved revenues of two trillion pounds so far, while only 40,000 acres have been developed out of its total area of 175,000 acres, adding that the new capital can achieve about 7.5 trillion pounds if the land is sold at a price of 10 thousand pounds. per square metre.
In yesterday’s statements, Sisi pointed out that Egypt’s problem lies in the available capabilities, and the state’s inability to provide all obligations, calling for the need for the private sector to intervene to participate in building the new republic that provides a decent life for all Egyptians.
He explained that the state is moving at a steady pace in all files, whether health, education, roads, ports and airports, but at the same time, the development taking place at the level of all sectors should not be questioned.
He pointed out that the Egyptian industry was subjected to 3 violent shocks, the first was in 2011 and 2013 when a large number of factories stopped working, and the second crisis was in 2016 when the dollar exchange rate was changed from 8 pounds to 16 pounds, and work was done to overcome the crisis through Several initiatives launched by the Central Bank.
As for the third crisis, it was represented by the Corona crisis and the Russian war, as these crises stifled supply and supply chains and raised the prices of all commodities by large percentages, which increased pressure on the Egyptian import bill.
The Egyptian president also indicated that the exchange rate of the pound against the dollar should not be viewed as a measure of the strength of the Egyptian economy, and said that the rise of the dollar came against the background of monetary tightening by the Federal Reserve, which affected many global currencies. He pointed out that the most important thing is the ability to achieve a surplus in the trade balance.
“We have to reduce imports and boost exports – but it is not an easy task,” he added. He said that the “Begin” initiative is working to encourage local production of production requirements that are usually imported, which alone costs 60 billion pounds.
He continued, “We have before us a big funding problem in education,” as the development of the education sector needs funds amounting to 250 billion pounds – an amount that is not even half of it. He explained that there is a need to add 60,000 new classrooms annually, which will cost the state 60 billion pounds.