Egyptian President Abdel Fattah al-Sisi was sworn in for his third term on Tuesday in the country’s new administrative capital.
The new administrative capital is the most significant project backed by Sisi during his second term stretching the country’s finances to its limit.
According to Reuters, Sisi swept to victory in the presidential elections held in the company last December scooping 89.6% of the votes with no serious challengers.
The atmosphere in Egypt is that of mixed feelings. While Sisi’s message of stability and security resonated with some voters, others showed indifference complaining of the poor economy and rising prices in the North African country.
Last month in a bid to combat the challenge of chronic foreign exchange scarcity in the country Egypt allowed its local currency to plummet after securing a $35 billion landmark deal with an Emirati wealth fund.
Before that the foreign exchange scarcity has led to reduced imports and depleted reserves.
Egypt also received an expanded $8 billion deal from the International Monetary Fund (IMF) after it agreed to undergo reforms which include reducing the role of the government in business.
Since assuming office in 2014, Sisi embarked on various ambitious projects the most significant being the $58 billion New Administrative Capital in the desert east of Cairo.
Other ambitious projects include the expansion of the Suez Canal, Major Road construction and building of new cities.
However, Critics blame such projects for the country’s economic woes saying it diverts funds and increases the nation’s debt profile.
Despite the criticism, Sisi and his supporters believe that security and stability is paramount and the government is working to provide social goods like housing and jobs.
What To Know
- Sisi who was a former intelligence general rose to power in 2013 after deposing of the Muslim Brotherhood’s Mohammed Mursi.
- Egypt has greatly benefited from the war in Nearby Gaza as it became a major recipient of aid from world governing bodies concerned about its stability due to its proximity to Gaza.
- Before becoming president, Sisi served as Egypt’s deputy prime minister, Minister of defence and director of military intelligence.
