Egyptian president says he'll protect the poor, middle-class

Egyptian President Abdel Fattah el-Sisi addresses the 74th session of the United Nations General Assembly at U.N. headquarters Tuesday, Sept. 24, 2019. (AP Photo/Mary Altaffer)
Protesters chant slogans against the regime in Cairo, Egypt, early Saturday, Sept. 21, 2019. Dozens of people held a rare protest in Cairo during which they called on Egyptian President Abdel-Fattah el-Sissi to quit. Security forces dispersed the protesters and no casualties were reported. (AP Photo/Nariman El-Mofty)

CAIRO — Egypt's president says he'll protect the poor and middle-class Egyptians hard hit by his government's austerity measures.

The remarks are the first on economy by Abdel-Fattah el-Sissi, following rare anti-government protests earlier this month believed to have been partly driven by economic hardship. The protests triggered a sweeping security clampdown.

El-Sissi tweeted late Sunday that measures are underway to "protect the rights of the people" adversely impacted by slashing subsidies. He didn't elaborate.

El-Sissi's ambitious reform program, launched in 2016, aims at overhauling the country's ailing economy. The government has also floated the currency and substantially cut subsidies.

The austerity measures have taken a heavy toll on poor and middle-class Egyptians. The official statistics agency reported in July that one in three Egyptians is living in poverty.

Other News

Fidel Castro thanks Cuba, criticizes Obama, on 90th birthday

Aug 14, 2016

Fidel Castro thanked Cubans for their well-wishes on his 90th birthday and criticized President Barack Obama in a lengthy letter published in state media

Miner BHP Billiton suffers $6.4 billion loss for 2015-16

Aug 16, 2016

The world's biggest miner, BHP Billiton, on Tuesday reported a $6.4 billion loss _ the Anglo-Australian company's worst ever full-year result

Asian stocks mostly higher after Wall Street decline

Aug 17, 2016

Asian stock markets were mostly higher Wednesday after Wall Street declined

The Budget Report seeks to provide comprehensive coverage and analysis on the current economic, financial issues around the world. First hand finance and economic news all day, every day.