President Abdel Fattah El Sisi on Tuesday cast aside growing worries about Egypt’s economic crisis, assuring the nation’s 104 million people that his government will pull them through.
Speaking at a televised ceremony on the 49th anniversary of the 1973 Arab-Israeli War, Mr El Sisi also warned Egyptians against paying heed to what he called the “poisonous” lies spread by “forces of evil” — an apparent reference to the banned Muslim Brotherhood.
The military removed Islamist president Mohamed Morsi of the Muslim Brotherhood in 2013, amid mass street protests against his divisive, one-year rule. Mr El Sisi was the nation's top general at the time.
Mr El Sisi said the “new republic” — a recently coined phrase to reflect his ambitious efforts to modernise the country — will meet the aspirations of this and the next generations and witness Egypt’s shift to a “modern and developed nation.”
He did not go into details about the country’s economic woes or explain the reasoning behind his confidence that Egypt will pull through.
“We will, by the grace of God, sail through these difficult circumstances. You will see,” Mr El Sisi said.
Egypt’s economy has been devastated by the fallout from the Russian invasion of Ukraine due to rising costs of wheat and energy, global uncertainty and inflationary pressure. This hit as the most populous Arab nation was recovering from the impact of the coronavirus pandemic.
Since March, the Egyptian pound has depreciated by about 20 per cent.
Its value is expected to further slide in the remainder of the year — from the current 19.60 Egyptian pounds to the dollar to around 22 to 23 Egyptian pounds to the dollar by the beginning of next year.
A shortage of US dollars, partially caused by a soaring import bill and the flight of billions of dollars from Egypt’s once lucrative debt market, has hit local industries hard.
Inflation, fuelled by higher global energy, shipping and food prices, is hovering around 14 per cent.
The country is widely thought to be inching closer to securing an IMF loan as part of an economic restructuring programme to be agreed with the Washington-based lender.
Speculation by analysts puts the size of the loan at between $5 billion and $8bn.
It’s against this backdrop that Mr El Sisi struck an upbeat note.
“The global economic crisis that’s endured by every soul on this planet is an example of what we see and live here and which we make every effort to pull through it with sincere effort and work for the sake of our beloved country,” he said.
“There remains evil powers filled with hatred and resentment that spread its poison in the nation’s veins through the spreading of lies … to assassinate the morale and confidence of citizens.
“I am positive that Egyptians are stronger and bigger [than to believe them].”
He did not say what those lies were about, but his government has in recent weeks been repeatedly questioned over its spending priorities.
Independent economists have taken advantage of a relative relaxation of restrictions on free speech to criticise economic policies.
Mr El Sisi sought to highlight his government's record.
“I have asked the state to work at maximum capacity,” he said of the government’s performance since he took office.
“And we did that without engaging in political tricks.”
He said that his government's multibillion-dollar programme to modernise and overhaul the economy and infrastructure was pursued while troops and police fought to put down an insurgency by extremists.
The biog
Hometown: Birchgrove, Sydney Australia
Age: 59
Favourite TV series: Outlander Netflix series
Favourite place in the UAE: Sheikh Zayed Grand Mosque / desert / Louvre Abu Dhabi
Favourite book: Father of our Nation: Collected Quotes of Sheikh Zayed bin Sultan Al Nahyan
Thing you will miss most about the UAE: My friends and family, Formula 1, having Friday's off, desert adventures, and Arabic culture and people
OTHER IPL BOWLING RECORDS
Best bowling figures: 6-14 – Sohail Tanvir (for Rajasthan Royals against Chennai Super Kings in 2008)
Best average: 16.36 – Andrew Tye
Best economy rate: 6.53 – Sunil Narine
Best strike-rate: 12.83 – Andrew Tye
Best strike-rate in an innings: 1.50 – Suresh Raina (for Chennai Super Kings against Rajasthan Royals in 2011)
Most runs conceded in an innings: 70 – Basil Thampi (for Sunrisers Hyderabad against Royal Challengers Bangalore in 2018)
Most hat-tricks: 3 – Amit Mishra
Most dot-balls: 1,128 – Harbhajan Singh
Most maiden overs bowled: 14 – Praveen Kumar
Most four-wicket hauls: 6 – Sunil Narine
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The specs
Engine 60kwh FWD
Battery Rimac 120kwh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry
Power 204hp Torque 360Nm
Price, base / as tested Dh174,500
RESULTS
Manchester United 2
Anthony Martial 30'
Scott McTominay 90 6'
Manchester City 0
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
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BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
Other must-tries
Tomato and walnut salad
A lesson in simple, seasonal eating. Wedges of tomato, chunks of cucumber, thinly sliced red onion, coriander or parsley leaves, and perhaps some fresh dill are drizzled with a crushed walnut and garlic dressing. Do consider yourself warned: if you eat this salad in Georgia during the summer months, the tomatoes will be so ripe and flavourful that every tomato you eat from that day forth will taste lacklustre in comparison.
Badrijani nigvzit
A delicious vegetarian snack or starter. It consists of thinly sliced, fried then cooled aubergine smothered with a thick and creamy walnut sauce and folded or rolled. Take note, even though it seems like you should be able to pick these morsels up with your hands, they’re not as durable as they look. A knife and fork is the way to go.
Pkhali
This healthy little dish (a nice antidote to the khachapuri) is usually made with steamed then chopped cabbage, spinach, beetroot or green beans, combined with walnuts, garlic and herbs to make a vegetable pâté or paste. The mix is then often formed into rounds, chilled in the fridge and topped with pomegranate seeds before being served.
The%20specs
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COMPANY PROFILE
Company name: Letstango.com
Started: June 2013
Founder: Alex Tchablakian
Based: Dubai
Industry: e-commerce
Initial investment: Dh10 million
Investors: Self-funded
Total customers: 300,000 unique customers every month
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
UK%20record%20temperature
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How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
