Egypt’s President Abdel Fattah El Sisi said the state’s goal is to overcome the hard conditions it has been facing since the 1980s in order to reach the position which Egypt deserves.
He made the remarks while commenting on a speech by Finance Minister Mohamed Maait during the “Homeland Story..Between Vision and Achievement” conference which is held in the New Administrative Capital.
Going back into Egypt’s history, President Sisi said many say that late president Anwar Sadat was the “peace maker,” but many did not expect the state to face such challenges in the aftermath of its war.
He highlighted the challenge of military spending and the need for investment and re-building infrastructure.
He referred also to the rapidly growing Egyptian population which poses pressure on state resources.
Commenting on a speech by Planning and Economic Development Minister Hala Said, President Sisi said the population rise from 2011 until now stood at 25 million people.
In 2011, the state lost dlrs 450 billion, he said, adding that each crisis has its repercussions. The state is committed to doing its utmost to serve its people, he asserted, noting that the public must be made aware of the reasons behind the gap between revenues and spending.
Commenting on a speech by Finance Minister Mohamed Maait, President Sisi said people have to know that the state loss between 2011 and 2013 hit dlrs 450 billion.
He also cited the coronavirus crisis which started by the end of 2019 until 2021, noting that the state offered an economic incentive package at EGP 200 billion in addition to incurring losses worth EGP 200 billion.
He added that the population growth rate has stood at 2.5 million people annually since 2011, which means that Egypt’s population will reach 160 million within 20 years.
President Sisi stressed that no state can move forward without stability and security.
He said the conference is meant to stand on existing problems and the solutions offered to move forward.
He cautioned that those who want to destroy the state will not be able to do so
Regarding the pensions, President Sisi said: “The money that was taken from pensions is a ‘number’, and when I want to show this point as an economic thinker or as a person interested in the social services that are provided, including pensions, I say that if this number was still in the banks with the interest taken by the Pensions Authority, it would average 10%, That is, with these benefits, the EGP 600 billion will reach EGP 1,200 billion after ten years.”
The president, meanwhile, asked the finance minister about the amount of pensions that will be disbursed until 2052, and the minister replied that it will amount to EGP 45 trillion until 50 years.
President Sisi further said that 11 million people in Egypt receive pensions, adding that the government could not suspend disbursing pensions.
The president, meanwhile, referred to the period which witnessed Covid-19 pandemic, saying that people have withstood the difficult circumstances during this time.
The president referred to the sacrifices made in work in countries like South Korea, Singapore, Malaysia and China to overcome the difficult circumstances besetting them.
Regarding the National Dialogue, the president said that the dialogue was primarily launched to exchange viewpoints and listen to each other.
President Sisi thanked the ministers of finance and planning, saying “I believe that you need to talk more with the people and I wished that you were given more chance to increase your participation in the national dialogue.”