(MENAFN - Kuwait News Agency (KUNA)) Egyptian President Abdelfatah Al-Sisi on Monday described the recent economic decisions as "a bitter cure" for saving the economy and serving the interests of the citizens.
He said in an address to the nation on the occasion of the Ramadan 10th anniversary, the decision to ratchet up prices in order to offset the curtailment of subsidy may not be suitable for at this time and could harm his popularity but the country faces a greater danger.
Al-Sisi recalled that he was candid with the people during his electoral campaign when he said the country needs two years of strenuous efforts and hard measures.
He asked the people to cooperate with his government in order to shore up the economy, noting that the budget deficit for the coming fiscal year amounts to EGP 300 billion. EGP equals USD 0.139.
"The rich took advantage of the old subsidy system at a cost to the poor. The Egyptian people weren't treated with grace before," he said, noting that some parties try to manipulate the recent decision in a wrong way.
"We had to ratchet up the prices because we had no other choice. The Arab brothers helped Egypt to overcome the economic crisis," he pointed out.
Al-Sisi affirmed commitment to help the people living on a fixed income, saying there will be mega development projects which will be implemented after the holy month of Ramadan.
He cautioned that there is a part of the society who use religion as a tool to destroy the state and believe that this is a holy war but Egypt has a powerful army and enlightened people who can protect the country.
On the anniversary of the war of Ramadan 10 (October 6, 1973) against Israel, he said it was a stroke of genius that enabled the Egyptian army to wage the war and notch up the victory.