Addressing the parliament, Sisi made a solemn promise to stay true to his duties, with his focus solely on the welfare of the country and its people. Despite Egyptās economic crisis and inflation, he pledged to build a modern, democratic state.
Sisi won the December elections with over 89% votes, beating three lesser-known candidates.Ā This followed the sidelining or imprisonment of opposition challengers. Unless lawmakers pass a constitutional amendment extending his tenure, he is likely to serve only this six-year term.
During his inauguration speech in parliament, Sisi reaffirmed his commitment to nation-building. Sisi, who was then the defence minister, ascended to power following mass protests against the Islamist president Mohammed Morsi, leading to his ousting in 2013. Sisi secured the presidency in subsequent years and 2018, garnering around 97% votes each time.
Tuesdayās swearing-in ceremony also coincided with the inauguration of Egyptās New Administrative Capital, situated in the desert to the east of Cairo, as reported by local media. This $58-billion megaproject is the centerpiece of Sisiās administration, which has invested heavily in Egyptās infrastructure. However, it has also faced criticism for its enormous debt-driven expenditure.
Cairoās foreign debt tripled over a decade to $165 billion, while foreign reserves stand at $35 billion.Ā Egypt has been fighting a severe economic crisis for two years, causing currency devaluation and 40% inflation.
However, in the first quarter of 2024, Egypt secured over $50 billion in loans and investment deals. According to Cairo, this influx of funds will alleviate the severe foreign currency shortages and rejuvenate the economy.
In February, the United Arab Emirates announced a $35-billion land development deal for Egyptās Ras al-Hikma. The International Monetary Fund stated that this could āassist Egypt in rebuilding buffers to cope with future shocksā. Post this, the IMF doubled a $3-billion loan, and the EU and World Bank pledged billions more.
This substantial bailout has prevented Egypt from āplunging into the abyssā, as stated by former deputy prime minister Ziad Bahaa-Eldin. Egyptās credit ratings were upgraded, and blocked inventory was released into the import-dependent economy.
In the 106 million-strong nation, two-thirds struggle below the poverty line, even before the crisis.