‘Pressure' on Egyptians could call for IMF deal review: Sisi
CAIRO
Egypt's President Abdel Fattah al-Sisi has warned that regional challenges could lead to "unbearable" economic pressure on the population and a review of internationally-demanded economic reforms.
"If these challenges will make us put unbearable pressure on public opinion, then the situation must be reviewed with the IMF," Sisi said at the Global Congress on Population, Health and Human Development in Cairo.
Egypt has been embroiled in economic crisis since 2022.
Dominated by military-linked enterprises and for years focused on expensive infrastructure mega-projects, the economy is almost entirely reliant on imports.
Foreign debt has ballooned, the currency has undergone several devaluations, with a resultant rise in inflation.
The International Monetary Fund this year approved a $5 billion top-up to an agreed $3 billion loan for the Arab world's most populous nation.
In turn, the IMF demanded wide-ranging reforms including shifting to a more flexible exchange rate, plans to boost the role of the private sector in the economy, as well as tackling high inflation and government debt.
In what he said was a "message to us and to the relevant international institutions, the IMF and the World Bank", Sisi warned of persistent "challenges."
His comments came two days after authorities announced new fuel hikes by up to 17 percent — the third increase this year as the government moves to lift fuel subsidies by the end of 2025.
Public transport fares in the capital Cairo quickly went up in response.
Inflation peaked at nearly 40 percent last year, with the most recent figures in September at 26 percent.
