Cairo - Egypt's President Abdel Fattah El Sisi on Sunday asserted that recent measures adopted by the government were meant to restructure the Egyptian economy as maintaining the old economic policies for more one or two years could have created a situation which is much more difficult. In an interview with the chief editors of the three daily newspapers; Al-Ahram, Al-Akhbar and Al-Gomhuria, the president explained that the Egyptians now are suffering from hard economic conditions. But all economic experts in the world are well aware that the measures that are adopted by the government are the viable method for having an economy which is more stable and stronger. "We are renewing the blood of the Egyptian economy", said the president. The president touched on the dollar exchange rate noting that the current rate is not fair. He expressed hope that economic measures that are adopted by the government would help reach a fair exchange rate within the coming six months when the exchange market would be regulated. This state of affairs will have its positive impact on the prices of all commodities as around 60-70 percent of commodities are imported in hard currency, added the president. Answering a question on his directives to the government to control the market prices and expand social protection programs, the president said that he was seeking to create new market mechanisms that are not profit-seeking to pump products and commodities on the market at affordable prices. The president explained that he was seeking through these mechanisms to ease up the suffering of the ordinary citizen, asserting that he will not leave the citizen prey to the greedy tradesmen. The government is working now on exporting 200,000 heads of cattle and within one year and a half up to one million cattle will be available to establish livestock that can produce developed industry of meat, dairy products and hide.
Also, up to 100,000 green houses will be available by May next year with each green house producing the equivalent of the production of 10 feddans, added the president. All these projects are carried out by the Armed Forces from its own budget, said the president, adding that the Egyptian army has built its own economy over long years in a bid to spare the State economy more burdens. Also, for the past three years and half, the army did not obtain one weapon from the State budget in order not to add any burden on the State, said the president. As for the role of the private sector in the projects that are carried out by the government, the president noted that the government is extending all support to the private sector with a view to providing more jobs and increasing production.
The private sector, added the president, is invited to enter into joint investment industries with the government especially in the domains of livestock production and green houses.
As for the problem of medicine prices after the liberalization of the dollar exchange rate, the president noted that a major pharmaceuticals factory will be inaugurated on June 30. It will provide locally-made medicines that were imported from other countries including drugs for chronic diseases. The president also asserted that all investors are welcome in Egypt. He confirmed that the State is supporting all investors as Egypt is a State of law that respects businessmen and protects their funds. "Any investor who would have any problem should approach the administrative control authority. If they failed to settle his problem, I am willing to receive him", added the president.
Answering another question on the cost of national projects that have been carried out or still in the pipeline since he assumed office, the president said that these projects were estimated to cost 1,400 billion pounds. But these costs have been reduced to stand at 1,040 billion pounds.
The president pointed out that the achievements that are being accomplished in Egypt over the past two years would have taken 30 years to be implemented.
