An Egyptian security source told Reuters on Wednesday that President Abdel Fattah al-Sisi would hold a press conference tomorrow morning at 9 a.m. local time (2200 GMT) to address Egypt’s “disastrous” economic situation and address the economic crisis that has plagued the country for years.
The source added that Sisi will also announce a plan to revive the economy and address unemployment, inflation and poverty.
Egypt’s economy has been in crisis for months as the country is facing an acute shortage of foreign exchange reserves.
According to the Egyptian official, Sisi is expected to announce an emergency measure to help the country with the cost of importing goods, a measure that is likely to increase the number of people out of work and the amount of inflation that continues to skyrocket.
Sisi is currently fighting a two-year-old war against Islamic State (IS) militants in Sinai, while the war in neighboring Syria has caused many Egyptians to turn to their religious faith for economic support.
Suez Canal crisisThe canal crisis has left Egypt in a state of economic distress, with its export-dependent economy relying on foreign investment.
The country has been unable to access a global market that has been flooded by the influx of refugees from Syria and other parts of the Middle East.
The crisis has also caused an acute drop in the value of the Egyptian pound, which has been the currency of the country since the 1970s.
In the past, Egypt has been able to use its currency, the dollar, to purchase goods from abroad, but with the economic situation worsening, Egypt is currently unable to pay for these imports and has resorted to buying gold and other foreign currency from Russia and China.
The Egyptian government is currently working on a $3 billion loan package to help Egypt import foreign exchange.
The plan includes funding to expand infrastructure projects, invest in new manufacturing facilities and finance infrastructure projects.
Sebastian Gorka, the deputy U.S. ambassador to Egypt, has called the situation in Egypt “disaster” and told Reuters that the United States is “looking for Egypt to address the crisis.”
The Egyptian official told Reuters the government will also address unemployment and inflation, as well as other economic challenges.
Egypt is currently in the midst of a $2.7 trillion debt crisis, with the government unable to borrow from international banks to pay off the debt and to pay its bills.
Solutions for Egypt’s economic problemsSebasisi is hoping to address some of Egypt’s biggest challenges with a package of reforms that includes: opening the nation’s economy to foreign investment, improving the nations energy sector and building a new national park.
Seshi has previously promised to ease restrictions on foreign investments, and will likely unveil a plan on Wednesday to allow foreign firms to invest in Egyptian infrastructure projects that include roads, ports, airports and power plants.