Al-Sisi, who was speaking at the opening of a conference on population, health and human development held in… CairoEgypt is implementing the current economic reform program, under which it obtained a loan worth $8 billion from the International Monetary Fund “under very difficult regional and international conditions that have negative effects,” stressing that his country has lost “6 or 7 billion dollars” during the last ten months. It is the size of the decrease in returns Suez Canal.
He added that this situation “could continue for a whole year,” adding, “If this challenge will make me put pressure on public opinion in a way that people cannot bear, then the situation must be reviewed with the International Monetary Fund.”
And it was Egypt On Friday, it announced that fuel prices would be raised for the third time this year, just three months after a previous increase, in a move that would increase the high inflation rates that Egyptians are suffering from, with the government moving the prices of many goods and services such as electricity, metro tickets, and trains..
The government is seeking to reduce energy subsidies as part of its plans agreed upon with the International Monetary Fund, which this year approved an expanded loan with Egypt worth eight billion dollars..
Although this increase in fuel prices is the last this year, and will not be raised again for 6 months, it is not the last at all, as Prime Minister Mostafa Madbouly said in July that the prices of petroleum products will continue to rise gradually until the end of 2025 in light of the government’s inability To bear the burden of fuel subsidies amid increased consumption.
During the current year, Egypt also raised the price of a domestic gas cylinder by 140 percent, and its price has now reached 180 pounds, compared to 75 pounds at the beginning of the year..
The International Monetary Fund was scheduled to conduct a new review of the loan agreement concluded with Egypt in April at the end of September, but the Fund postponed the review to a date that has not yet been determined, thus postponing Egypt’s obtaining a new tranche of the loan worth $1.2 billion..
According to the Fund, the most important economic reforms in Egypt include switching to a flexible exchange rate system, tightening monetary policy and public financial policy, slowing spending on infrastructure to reduce inflation, and maintaining the sustainability of debt sustainability, while enhancing an environment that enables the private sector to carry out its activities..
He confirmed International Monetary Fund These policies will contribute to maintaining macroeconomic stability and restoring confidence, and will also enable Egypt to confront the challenges presented by recent external shocks.
