President Abdel Fattah al-Sisi affirmed that the Egyptian state requires approximately US$20 billion annually to secure the necessary petroleum products to meet local market demands.
During the 73rd Police Day celebration, Sisi clarified that the Egyptian government is exerting significant efforts to resolve the country’s dollar shortage crisis by implementing strategies aimed at bolstering the financial resources needed to meet essential requirements.
He emphasized the need to ensure that Egypt’s dollar resources exceed its expenditures to address the country’s economic challenges and reduce prices.
The US dollar is a free currency that reflects Egypt’s ability to meet its own demands and the demands of its people in a stable manner, he said.
Securing dollars will significantly contribute to resolving many economic problems, he said, including reducing the import bill which burdens the national economy.
Sisi stated, “Strengthening infrastructure in Egypt has been a vital step in addressing the economic challenges the country has faced in recent times. This infrastructure will contribute to supporting sustainable economic growth and achieving stability in the future.”
“The Egyptian government continues to take measures to improve the economic situation in the country, amid increasing pressures on global and local markets,” he concluded.
Egypt needs $20 billion annually for petroleum imports: Sisi Egypt Independent.
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