The statements of the Minister of Finance in the Sisi government, Dr. Mohamed Maait, regarding the situation in Egypt sparked controversy on digital platforms, after he said, “Those who are outside envy us, they say, I wish we had a quarter of what you have,” in an initial response from the minister to the latest Bloomberg report, which warned that Egypt is in the worst condition. The stages of economic performance since 2013 and that its steps towards declaring non-payment of debts have approached the point of no return.
While many were not surprised by Maait’s statements in his interview with Ahmed Musa, imagining that the Korean Prime Minister received him with the phrase “Welcome to the solver of problems.”
He added that, “After ending the crises of Korean investors in Egypt, we are interacting with the problems and working to find solutions to them, with the confidence of investors.”
Maait claimed that “those who leave Egypt for a few months and return are surprised by the number of changes and developments” unless they mean the worst.
Reports said that “the documents of the Central Bank lie to the Minister of Finance of the coup about the external debt, and Bloomberg based on it its expectation that “Egypt is on the way to Sri Lanka because of Cairo’s failure to pay its debts owed by it to international creditors.”
Observers considered the report to be the most dangerous international report on the state of the Egyptian economy and its near future through the opinions of specialized experts from around the world, and considered that the government’s financial representative’s departure from the request for the topic and the specific report from Bloomberg and republished by “Enterprise Hermes” necessitates a response.
Jurist Negad El-Borai (@negadelborai) said, “The minister did not clarify what the reality of Egypt’s financial situation is, and how it will overcome the current wave of inflation? What are the government’s plans to pay off the debt? What is the time period needed to overcome the crisis? What are the expected results? The causes of the crisis are no longer important.” Talk about it now but solutions are needed, people are asking and answers must be provided.”
Al-Borai pointed out that “leaving the answer to these important questions for amateurs is harmful and contributes to increasing rumors and spreading a state of instability. Someone should come out and speak in a comprehensive manner to people about plans to confront the crisis, its costs and feasibility; not about its causes, but I hope the Minister of Finance will not be chosen to speak, Look someone who knows how to speak.”
The journalist, Osama Gawish, counted a number of false statements to Muhammad Ma’it, and said, “The Egyptian Finance Minister Muhammad Ma’it said a group of false and misleading statements regarding Egypt’s external debt and the economic situation, and concluded his speech by emphasizing that the world outside Egypt envy us for our situation.”
He reviewed some numbers, rates and indicators that reveal whether the world envy us or not? Among them is Maait who says that “Egypt’s external debt is $83 billion, and this is an outright lie, because the Central Bank, in its July 2022 circular, published that the Egyptian foreign debt is $157 billion,” according to what Gawish (@osgaweesh) wrote.
He added, directly supporting the sources, local reports that refute the illusions of Maait al-Sisi. As for the topic that the world is envious of us in Egypt, I would like to explain to Mr. Maait the following: 30 million Egyptians struggle with hunger below the poverty line, the Central Agency for Mobilization and Statistics.
And he added, 60 million poor or most needy Egyptians, the World Bank, and 10 million Egyptians suffer from drug abuse and addiction.
Addiction Control and Treatment Fund – 2021 and 25 million citizens suffering from depression and mental disorders (National Mental Health Survey 2018).
And he continued, 14 million Egyptians reside abroad, most of them for economic and political conditions – former Minister of Immigration Nabila Makram 2022.
He pointed out that “50.3% of Egyptian families borrow in order to meet living requirements – Central Agency for Mobilization and Statistics 2020.
And that Egypt is the last in the Arab world and the 100th globally in net monthly income per capita (from 105 countries – according to CEOWorld) Egypt is the first in the Arab world to commit suicide at a higher rate than countries of conflicts and wars (BBC 2021 report) The price of the pound is close to 20 against the dollar with an inflation rate of 15.6%.
He pointed out that “Egypt’s foreign debt amounted to 157.8 billion pounds until March 2022 (the Central Bank).”
He commented, “If there is a need for the world outside, they will envy us in Egypt. It is the patience of the Egyptians over the presence of a dictator without charisma, a politically and economically catastrophic failure, who has neglected the Nile, islands, and gas, divided people, buys presidential planes and builds palaces for him and his family, whose name is Abdel Fattah al-Sisi.”
Source: بوابة الحرية والعدالة by fj-p.com.
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