Egypt's Sisi defends 'tough but unavoidable' economic reforms

Egypt's President Abdel Fattah al-Sisi has defended what he described as "tough but unavoidable" reforms ahead of a $12-billion International Monetary Fund loan to revive his country's ailing economy.

In exchange for the IMF loan, Egypt is expected to adopt drastic reforms to increase public revenues and reduce state subsidies, which make up 7.9% of government spending.

Sisi described a "programme for real reforms that aims to provide subsidies to those who deserve them and no one else", promising "protection for those with low incomes".