Egypt’s Sissi: No alternative to tough economic reforms

8 December 2016, 3:05 pm

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Egyptian President Abdel-Fattah el-Sissi defends tough economic measures undertaken by his government, saying there is no other alternative in the face of the country’s deteriorating economy.

“Structural reforms” are an imperative for Egypt, Sissi says, adding that the newly implemented measures are no “picnic.”

El-Sissi’s remarks are his first since the government’s unprecedented flotation of the Egyptian pound last month, meant to ensure that Egypt qualifies for a 12 billion dollar loan from the International Monetary Fund, which the agency approved almost a week later.

“The decision to carry out reforms … was not easy,” Sissi tells a gathering of clerics. “The task requires hard work and patience.”

— AP