Sisi Lays Out Egypt’s Economic Challenges

New Egyptian President Abdel Fatah al-Sisi says he will address the main problems in his country’s sagging economy by developing industry and agriculture and attracting direct investment.

In his inaugural 8 June speech Mr Sisi outlined the main challenges facing his country: high internal and external debt; low fiscal revenue coupled with a huge budget deficit; high unemployment rates; depressed tourism arrivals; meagre foreign exchange reserves and an “energy crisis”.

He pledged to guarantee the rights of the poor and low-income people.


Senior members of the ruling royal families from Saudi Arabia, Kuwait, the UAE, Oman and Bahrain – all the GCC states apart from renegade Qatar – attended the inauguration ceremony, in a gesture seen as a strong sign of support to Egypt and its new leader. (CONTINUED - 725 WORDS)