Egyptian President Abdel Fattah es-Sisi said that his country will continue to spend on national projects, regardless of the pressures caused by the decrease in the dollar supply in the markets.
According to the news broadcast on Egyptian state television, Sisi spoke about the dollar-based pressures in his country and national projects in his speech at the opening of a project.
Pointing to the pressures caused by the decrease in the dollar supply in the local markets, Sisi said, “We will not reduce the funds provided to national projects on the grounds of relieving the pressure from the dollar.” said.
In Egypt, more than $23 billion has been withdrawn from the market since the Russia-Ukraine war, mostly investments in debt instruments.
After the first quarter of 2022, Egypt increased restrictions on the withdrawal of the dollar from the domestic market. Egypt, which limited the import of some secondary products for a few weeks, prevented the withdrawal of foreign currency from abroad and took some steps to increase the introduction of the dollar to the markets.
The International Monetary Fund (IMF) approved a $3 billion loan to Egypt this month.