Sisi Defends His Projects and Assures the Creation of Millions of Jobs

Egyptian President Abdel Fattah el-Sisi addressed his citizens on Wednesday, emphasizing that they "still eat and drink despite rising prices," while defending major projects that he claims provide millions of jobs. Sisi blamed the currency shortage on the country's decades-long reliance on imports, stating it requires $1 billion monthly for essential goods, particularly wheat and vegetable oils, and another $1 billion for fuel. In a speech on the occasion of Police Day in Cairo, Sisi said, "I offer services sold to the people in Egyptian pounds yet I have to import them in dollars." Egypt is attempting to revive and expand a $3 billion program with the International Monetary Fund. However, to implement the program, the country is under pressure to allow its currency to float and to execute structural reforms that include reducing the military's and the state's role to make room for the private sector. The government is facing a debt repayment schedule that has accumulated in recent years as Egypt embarks on costly mega-projects, including a new capital under construction east of Cairo.