Egyptian President Abdel Fattah El-Sisi told a World Youth Forum panel that poverty steers states to “mazes” that could lead to terrorism and extremism, adding that the state spent around $400 billion “to get out of the poverty maze.”
During a session titled ‘Developmental Initiatives Confronting Poverty’, El-Sisi said that such a maze of underdevelopment and ignorance is “difficult to exit”, adding that it was a top priority since he assumed power to eradicate poverty.
“In 2011, Egypt was on the verge of collapse. Even when elections were held, people couldn’t withstand for a year the leadership that was elected,” he said, in reference to the banned Muslim Brotherhood group.
“During the past 7 years, the state spent more than EGP 6 trillion (About $400 billion) to get out of the poverty maze,” he said.
“Poverty destroys the present and future, leading to terrorism, extremism, and even revolutions.”
El-Sisi also tackled the state’s Decent Life Initiative, which comprises a series of countryside-focused national infrastructure projects to develop the country’s poorest villages.
The 2019-launched initiative aims to improve the standards of living, infrastructure, and services of 60 percent of Egypt’s 102-million population, who live in 4,658 villages across the country.
El-Sisi also discussed the country’s 2016 economic reform program, which was a subject of controversy due to the public’s fear of the harsh austerity measures.
The IMF-backed measures of the first phase, which concluded in November 2019, helped Egypt secure a needed $12 billion loan from the global lender.
Source: Al-Ahram Online
