Egypt Crisis El Sisi: How Egypt became a country of pyramids, a ‘beggar’ country like Pakistan, then the danger of revolution, the President’s chair will go! – egypt economic crisis abdel fattah el sisi egypt on the brink of another uprising arab spring
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Egypt also received significant financial aid after the revolution from the IMF, the World Bank, China and the Arab Monetary Fund and the African Development Bank. Experts say that Egypt used this money to build monorails, presidential palaces, luxury hotels, roadways, etc., instead of investing in education, health, housing or revenue-generating projects. President CC himself bought an aircraft worth $500 million. In 2016, Egypt began construction of its administrative capital at a cost of $50 billion.
Africa’s tallest building under construction in Egypt
Egypt begins construction of Africa’s tallest building in this new capital. Apart from this, a huge mosque is being built by spending crores of rupees, which is also being opposed a lot. It is being told that these projects are being made by companies related to the army and it is being done mainly for the upper class of Egypt. The new capital’s military and security complex is 45 km from Cairo and is said to be designed to deter any future rebellion.
Egypt hoped that after the completion of these projects, a large number of tourists would come to the country, but due to the Corona virus in the year 2020 and the war between Russia and Ukraine in the year 2022, Egypt’s back was broken. Tourist arrivals to the pyramids dropped, and the Egyptian currency depreciated significantly against the dollar. Due to this, the goods which were brought from outside became expensive. Due to this the prices of goods are skyrocketing. Meat has disappeared from the plate and eggs have also become a dream. 
Egypt Economic Crisis: Dream fulfilled in Muslim country, prices of flour and rice are touching the space … Egypt should not become ‘Pakistan’, President came to India
‘El Sisi has made Egypt a beggar country’
The American TV channel CNN in its recent report even went to the extent of saying that Egypt has become used to asking for loans. At the same time, Professor Robert Springborg says that President al-Sisi has made Egypt a ‘beggar country’. Due to taking a lot of debt, a large part of the Egyptian government’s expenditure is only going to repay the interest. On the other hand, the Egyptian government is accused of misusing the loan it took. Another expert, Stephen Roll, says that the loans taken by Egypt were mainly used to protect military assets and on large projects. The army earned a lot in this.
Egypt’s debt has tripled to nearly $160 billion during El Sisi’s tenure. Now Al Sisi can remain in power only as long as Saudi Arabia and UAE help him. Both these countries have clearly stated that they will no longer give unconditional financial assistance to anyone. This is the reason why Al Sisi is now seeing a ray of hope from India. Analysts say that for this reason Al Sisi seeks help from India.
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