Egyptian President Abdel Fattah El-Sisi said on Wednesday that the state requires a budget of at least $1 trillion to solve current issues.
This came during his speech at the Decent Life Initiative session at the 7th National Youth Conference.
The president said that EGP 18 trillion are needed constantly for the state budget to solve most obstacles facing the country.
Sisi added that the economic growth in the past decades did not comply with the population boom.
The president noted that the construction of new cities, such as Alamein, Administrative Capital and Mansoura is a strategic development plan of real estate sector in the country.
The president stressed the importance of the economic reform program, adding that ‘Egypt would have collapsed in 2016’ if it hadn’t been for the reform plan.
“New housing facilities have been installed for more than 200,000 families, who had suffered difficult living conditions,” Sisi pointed out.
The Decent Life Initiative is an attempt to solve long-standing issues in Egypt’s most impoverished areas; the state is currently working on meeting demands of 277 villages that suffered many predicaments.
Finally, Sisi emphasized the importance of patience and hard work, noting that these are the only steps toward success and development.
Meantime, the ministry of planning will provide a sum of EGP 5 billion for the initiative in the following year.
It is noteworthy that the parliament approved the largest state budget in the history of Egypt last June, registering EGP 1.575 trillion Egyptian for the 2019-20 fiscal year.