Final solutions.. what Sisi said about prices and the economic crisis?

Egyptian President Abdel Fattah El-Sisi said today, Saturday, that the economic crisis the country is suffering from was not "caused by us, but rather by global circumstances."

In his speech during an inspection tour of the Egyptian Military Academy, Saturday, 19 Aug, Al-Sisi confirmed that there is an insistence on the part of the Egyptian government to develop final solutions to the economic crisis, through a very ambitious plan for the economy, industry, production requirements, and reducing the import bill.

Egyptian president

The Egyptian president stated that there is a great insistence on having purely local and Egyptian alternatives that cover the country's needs instead of importing from abroad.

He revealed that all matters related to basic commodities are stable, and the country's needs are secured for them for the next 6 months, explaining that about 4 million new acres have been added suitable for cultivation.

Electricity crisis

Regarding the electricity crisis, the Egyptian president said that his country needs 18,000 tons of diesel per day in order for the stations to operate at full capacity and provide the necessary energy in light of the high temperatures, noting that Egypt needs more than half a million tons of diesel per month, the price of which ranges between about 300 to 350 million. dollars, which is being saved.

He added that the government is working to confront the rise in commodity prices and has come up with a set of measures to mitigate the effects of this crisis.

Free currency

 He continues, we import more than 90% of our consumption of edible oil, and we import it in free currency and sell it to people in Egyptian pounds, and therefore we always have to procure a currency that suffices all our demands, production requirements and very many needs.

He added that Egypt's policies are characterized by balance and moderation, and it does not interfere in the affairs of other countries, and it is always working to find solutions to the various crises that the region is going through.

 He explained, we always calculate that there will be 5-6 months of reserve of all these commodities in full, so that we always have an opportunity to confront any circumstance, and the same talk about fuel, we are talking about 10 million cars that move every day throughout the entire Republic.

 Agricultural

He said that despite the economic crisis and the high prices of basic commodities, a huge amount of agricultural land will be added to the map of Egypt within a few months, whether in the New Delta, Toshka, or in eastern Owainat and Sinai.

He added, “The total amount of this land exceeds 3 million acres, along with the Egyptian countryside, and we are talking about a very huge amount, work, effort, and size of land in order to produce unprecedented agricultural production in a not very large period.”

  He went on: Even with this, we will need to import basic commodities such as wheat, corn, and cooking oil in large quantities, and at least we are talking about 18-19, and we can reach 20 million tons of wheat, the volume of domestic consumption in Egypt in one year. Even if we produce half of it, we will need to get 50% from abroad, and thus we will consume it and import large quantities of it, so that people will see why prices have increased for us.

Foreign policies 

Regarding Egypt's foreign policies, Al-Sisi said that the Egyptian state has clear constants in its foreign policies that are characterized by its constant support for stability in the regional environment.