Egyptian President Warns Citizens of Upcoming Austerity Measures

© REUTERS / Tiksa NegeriEgyptian President Abdel Fattah al-Sisi addresses a news conference after meeting Ethiopian Prime Minister Hailemariam Desalegn in Ethiopia's capital Addis Ababa, March 24, 2015
Egyptian President Abdel Fattah al-Sisi addresses a news conference after meeting Ethiopian Prime Minister Hailemariam Desalegn in Ethiopia's capital Addis Ababa, March 24, 2015 - Sputnik International
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Egyptian President Abdel Fattah Sisi said Monday that people should be prepared for the tough economic recovery measures.

CAIRO (Sputnik) — On July 28, Egyptian Finance Minister Amr Garhy said the country is expecting to get $12 billion from the IMF in the next three years in exchange for certain austerity measures.

"The biggest challenge is not the measures themselves but their acceptance by the society, public opinion. The challenge is whether it is prepared to accept the measures, which is likely to be hard and tough," Sisi said talking at the Cairo youth forum.

The seal of the International Monetary Fund is seen at the headquarters building in Washington, DC on July 5, 2015 - Sputnik International
Egypt Expects to Receive $12 Billion in IMF Aid Over Next 3 Years

He added that "the upcoming days will bring many good news," most likely relating to the ongoing negotiations between the government and the International Monetary Fund (IMF).

Egypt’s economic growth was undermined by five years of political turmoil after the 2011 Arab Spring uprising against long-standing Egyptian leader Hosni Mubarak. The national economy is suffering a severe shortage of foreign currency caused mainly by the blow to its tourist sector following the crash of the Russian Airbus A321 plane over the Sinai Peninsula in October 2015.

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