El-Sadat: President Sisi should frankly let the Egyptians know about the Economic Crisis

Anwar El-Sadat, Head of Reform and Development Party (RDP) expressed his concern about the successive events taking place recently. Such events denote that we may be undergoing an economic crisis. Mr. Sadat suggests that we may resort to taking unexceptional extraordinary severe measures to overcome this situation. Reserve currency has dropped to $ 16.3 billion, which is almost equivalent to the size of the Gulf central bank deposits. It barely covers Egypt's imports for three months. This, with an unexpected drop in the revenues of the Suez Canal, would lead to new black market dealings for dollars. On the other hand we witness government actions: borrowing $ 3 billion from the World Bank; selling lands for expats; and raising customs on dozens of goods. This would have an impact on prices of goods and services in addition to the issue of support, amid the absence of a clear vision for the near future which raises concern to all segments of society and puts obstacles in front of rate high growth to achieve the aspirations of young people and the poor. Based on all that, Mr. Sadat, calls upon President Sisi to explain to the people who elected him and stood behind him in front of terrorism and gave him confidence in the leadership of the country at this difficult stage, the facts and details of the economic crisis and the real causes and to determine who is responsible for this situation and to explain to the people honestly his plan to overcome this crisis and to develop indicators upon which delinquents will held accountable. Mr. Sadat explained that Sadat that the parliament, which will be held soon should prioritize the economic issues on its agenda as it affects all classes of people. He adds that the parliament should monitor the government agencies and draft legislations needed for the upcoming stage.


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