Back to the complete issue
Tuesday, 24 January 2023

Pundits parse El Sisi’s Police Day speech on the economy

The state of the economy — and what got us here — once again got top billing on the airwaves last night, as the talking heads parsed a speech by President Abdel Fattah El Sisi yesterday during an event to mark Police Day.

El Sisi defends infrastructure spending: El Sisi cast as “misleading” claims that spending on national development projects was to blame for the economic challenges Egypt has recently seen, saying that investment to develop transport and energy infrastructure and assets including the Suez Canal are a key priority and will bring greater returns. Kelma Akheera had coverage (watch, runtime: 4:32).

And reminds us that Egypt isn’t the only country suffering: El Sisi reiterated that the pandemic and the war in Ukraine spelled economic crisis for countries around the world and not just Egypt, note Masaa DMC (watch, runtime, 3:03) and Al Hayah Al Youm (watch, runtime: 5:37.) His administration was tasked with “bearing most of the impact and not passing on the burdens to citizens, especially low-income earners and vulnerable groups,” he added.

UPDATE– A new scheme allowing everyone to buy subsidized bread has not yet gone into effect, Abdallah Ghorab, head of the bakery division at the Egyptian Federation of Chambers of Commerce told El Hekaya’s Amr Adeeb (watch, runtime: 6:47.) Supply Minister Ali El Moselhy had been quoted as saying the scheme would go into effect last Wednesday.

What’s the hold-up? The bread scheme could launch next week once the Supply Ministry settles on the price per loaf, Ghorab said, adding that he expected it would be around EGP 0.75-0.80. Assistant Supply Minister Ibrahim Ashmawy last week said the bread would sell at EGP 0.90 per loaf for slightly higher.

AND- Decreasing our dependence on the greenback: Less than 10% of our total external trade needs to be conducted using the USD, Ahmed Sheiha, a member of the exporters division at the Egyptian Federation of Chambers of Commerce (FEDCOC), told Ala Mas’ouleety’s Ahmed Moussa (watch, runtime: 3:23.) Sheiha welcomed the Bank of Russia’s recent move to allow the EGP as a currency of trade, saying we should strike up similar agreements with other countries.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.