Egyptian President: Egypt's agreement with the International Monetary Fund must be reviewed to ease the burden on citizens

Egyptian President Abdel Fattah el-Sisi hinted on Sunday that Egypt will review its agreement with the International Monetary Fund in light of the international and regional economic situation to ease the economic burden on citizens, following the recent decision to raise fuel prices that was approved on Friday morning.

El-Sisi said: 'I tell myself and the government that we must review the situation with the International Monetary Fund if the current agreement will put pressure on public opinion in a way that the people will not be able to bear.'

Sisi added, during his dialogue at the World Conference on Population, Health and Human Development, held today in Cairo, that Egypt is implementing its current program with the International Monetary Fund “in light of a very difficult regional and international situation that will have a very negative impact on the entire global economy and may lead to an economic recession in the coming years.”

‘We are part of the global economy and if these challenges are not taken into account, including the fact that in just seven to ten months we have lost between 7 and 8 billion US dollars in revenues from the Suez Canal and this situation may continue for another year, then the program currently agreed upon with the IMF will put pressure on the people that they cannot bear. If it will put pressure on public opinion, we must review the situation with the IMF.’

On Friday, Egypt raised fuel prices for the third time this year, just three months after the last increase. The government has also raised the prices of many goods and services, including electricity and metro and train tickets, adding to the already high inflation rate.

The government aims to cut energy subsidies as part of its plans with the International Monetary Fund, which this year agreed to provide Egypt with an $8 billion loan.

Prime Minister Mostafa Madbouly said in July that petroleum product prices would continue to rise gradually until the end of 2025, as the government could no longer afford to subsidize fuel amid rising consumption.

Egypt has also increased the price of a domestic gas cylinder by 140% this year, from EGP 75 at the start of the year to EGP 180 now.