Egyptian President Abdel Fattah al-Sisi Sworn in for Third Term

Tags: International News

Abdel Fattah el-Sisi was sworn in for his third term as Egypt's president in the country's new capital.

An Overview of the News

• Sisi won the December election by a wide margin, winning 89.6% of the vote without any significant competition.

Economic Reforms and Financial Assistance:

• Egypt allowed its currency to devalue after securing a $35 billion lifeline from the Emirati Wealth Fund, eliminating chronic currency shortages.

• A commitment to reforms, including reducing state interference in trade, facilitated an expanded $8 billion deal with the IMF.

Military-led infrastructure projects:

• Since 2014, Egypt has undertaken extensive infrastructure development, primarily led by the military.

• These projects aim to promote economic growth and accommodate population growth, with the $58 billion New Administrative Capital Project being the largest.

Criticism of mega-projects:

• Critics argue that these projects increase economic challenges by diverting resources and increasing the national debt.

• Projects such as the Suez Canal expansion and new cities have faced scrutiny for their impact on Egypt's financial stability.

Global role amid regional crisis:

• Egypt's involvement in the Gaza crisis has enhanced its global reputation, serving as the primary aid vehicle and mediator for ceasefire talks.

• Sisi came to power in 2013 after ousting Mohammed Morsi, underscoring his background as a former intelligence general.

Human rights concerns and government response:

• Rights groups estimate that thousands of people, including activists and Islamists, have been detained since Morsi's ouster.

• Sisi's administration defends these actions, emphasizing stability and security while promising efforts toward providing social rights such as housing and employment.