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Egypt’s Sisi starts third term pledging more investment, social spending

Egypt’s Sisi starts third term pledging more investment, social spending

EGYPTIAN President Abdel Fattah al-Sisi was sworn in for his third term in the country's new capital, the largest of the mega-projects that have come to symbolise his rule while stretching the country's finances. Speaking at the new parliament building, Sisi highlighted the challenges Egypt withstood in recent years while promising continued development, which many Egyptians say they feel excluded from. "The past few years have shown that the path of nation-building is not paved with roses ... between terrorist attempts at home, sudden global crises abroad, fierce wars around us," Sisi told lawmakers and religious, government, and military officials.…
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Sisi tells Egyptians to bear with economic pain, says mega-projects provide jobs

Sisi tells Egyptians to bear with economic pain, says mega-projects provide jobs

PRESIDENT Abdel Fattah al-Sisi told Egyptians that they were still able to eat and drink despite soaring prices as he defended mega-projects he said provided millions of jobs. Egypt's long-running foreign currency shortage risks deepening because of lost revenues from the Suez Canal, and this month has triggered store closures and new restrictions on credit card withdrawals. Inflation has eased slightly from record highs last year but is still running at over 30%. Sisi blamed the lack of foreign currency on Egypt's decades-old import dependency, which he said required spending of $1 billion a month on staples like wheat and vegetable oils and another $1 billion on fuel.…
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