Egypt prime minister defends painful economic measures

Egypt’s prime minister is trying to reassure anxious Egyptians after the Central Bank’s unprecedented decision the previous day to devalue by 48 percent before allowing it to float.

Sherif Ismail said on Friday that steps will also be taken for “improving the citizens’ living conditions.”

His government devalued the pound to meet conditions set by the International Monetary Fund for a much-needed $12 billion bailout and announced cuts in fuel subsidies, along with a in gasoline prices between 30 percent and 46.8 percent.

Ismail says the measures are necessary and that “it’s our destiny to take action in the face of the current economic situation.”

Amid fears of social unrest, Islamists supporters of the outlawed Muslim Brotherhood have called for protests to demand removal of the country’s general-turned-president Abdel-Fattah el-Sissi.

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