President Sisi: Egypt is clear in managing its debts and is regular in paying the installments
President Abdel Fattah El-Sisi stressed that the simple citizen’s understanding of spending and personal expenses can be a model for understanding the national economy, pointing out that Egypt before 1970 did not have debts, and that the debts began after the 1967 war as a result of the need to finance the state’s requirements.
The president said – during his visit to the Police Academy, and his conversation with some advanced students: “From the 1970s until today, we have witnessed a significant expansion in spending, and sometimes the available financial resources are insufficient, so we resort to Borrowing to cover the gap between available and required expenses.
He added that getting rid of public debt requires collective will and great community awareness, stressing the importance of citizens’ awareness of subsidy policies and setting prices, saying: “When I am forced to reduce fuel subsidies, this is not for the sake of increasing, but rather to control the debt and prevent its increase, and societal understanding of these measures.” “It is necessary.”
The President indicated that Egypt is clear in managing internal and external debt, with the regular payment of interest due, stressing that transparency and balanced financial planning are the key to controlling debt and achieving economic stability.
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