Egypt’s President Abdel Fattah Al-Sisi has denied any intention to remove subsidies on basic products, adding that the state allocates EGP 275bn for subsidy in the general budget every year.
During his speech at the inauguration of development projects in Badr City on Saturday, Al-Sisi said that the state adopted an integrated plan for development, noting that overpopulation represented a challenge due to the lack of resources.
“I will not remove the subsidy, I mean, we will reorganise it,” he said.
Al-Sisi added, “Dr. Mostafa [Prime Minister] said the population reached about 9 million in 1900, and after 100 years exceeded 100 million… when the population growth exceeds the capacity of the country, it leads to the destruction of the state or threatens its existence.”
The President highlighted the need to link population growth with the problems facing society during the past 100 years, pointing out that it might not be considered a problem in countries that have enough resources to meet the needs of their people.
Al-Sisi also wondered what kind of values, principles, behaviours, and ambitions children would have in unsafe areas, noting that in 2011, the state witnessed an internal fight that negatively reflected on the state and was about to affect other states in the region.
The solution to the current situation is to control the population growth and regulate public spending, Al-Sisi added.
He continued that developing the Egyptian countryside will cost from EGP 700bn to EGP 800bn in 3 years.
Regarding the state’s involvement in housing projects, the President explained that the state did not seek to compete with the private sector, but rather to achieve balance.
He pointed out that the Administrative Capital For Urban Development Company will be offered on the stock market as soon as possible, stressing that the state did not spend a single penny on the construction of the New Capital.
He mentioned that all housing units offered by the state were fully finished, and 30% of any unit must be completed before reservation.
