Sun. Jul 7th, 2024

Egyptian President Abdel Fattah al-Sisi will be sworn in on Tuesday to begin a new six-year term fraught with geopolitical and economic challenges.

President Sisi won the presidential race with 89.6 percent, according to an official announcement from the National Elections Authority on December 18, and this is expected to be the last six years for the 69-year-old president, who has ruled Egypt since 2014.

In light of the geopolitical and economic challenges facing Egypt, this event comes in light of the escalating Israeli aggression on the Gaza Strip and the conflict in Sudan.

On the economic front, the Egyptian government liberalized the exchange rate of the Egyptian pound and reached an agreement with the International Monetary Fund to increase the size of the loan, in an attempt to improve the deteriorating economic situation.

For its part, the UAE announced investments worth $35 billion in Egypt, which is a strong support for the Egyptian economy and assistance in achieving financial and economic stability.

While some experts argue that the steps taken have put Egypt on the right track, others point to the need for development programs to stimulate the real economy and ensure that future financial crises are not repeated.

 

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