Egyptian President appeals for unity
The Egyptian President, Mohammed Morsi, has appealed to Egyptians to work together to rebuild the country. In a speech to the upper house of parliament, the Shura, which is Egypt’s sole legislative body until elections are called, Mr Morsi said that after two years of turmoil, it was time for Egypt to turn to "production, work, seriousness".
Source : https://www.marocafrik.com/english/Egyptian-Presid...
He also called for an end to violence.Egypt has endured a month of protests by both supporters and opponents of the new constitution approved this week following a referendum. Following a decree giving himself immunity from prosecution the Islamist dominated Shura council (the only legislative body untilthe election in 2 months time) then pushed through a draft constitution which secular parties saw as an attempt to impose an islamist constitution which did not protect the rights of minorities and women.Although the referendum was passed by a majority of over 60 per cent the turnout was low at 32 per cent and Egypt remains deeply divided.
The unrest, together with a weakening currency which saw the rate of the Egyptian pound top the US dollar fall to 6.36 and a delay to a $4.8bn (£3bn) loan from the IMF, has left the Egyptian economy even weaker with only US$ 15 billion left in foreign currency reserves. Foreign currency restrictions have been introduced in a rush to buy and hoard dollars.The Central Bank sold $75 million to local banks in a currency auction to bolster the Egyptian pound,Al Ahram reported. Prime Minister Hisham Qandil announced the resumption of talks with the IMF over a US$4.8 million loan which had ben postponed overthe referndum period.
Ashraf El-Arabi, minister of economic cooperation was quoted as saying that the government economic priorities were to achieve social justice, fight rising unemployment, end corruption, promote investments and revive the tourism sector,according to Al Ahram.
The unrest, together with a weakening currency which saw the rate of the Egyptian pound top the US dollar fall to 6.36 and a delay to a $4.8bn (£3bn) loan from the IMF, has left the Egyptian economy even weaker with only US$ 15 billion left in foreign currency reserves. Foreign currency restrictions have been introduced in a rush to buy and hoard dollars.The Central Bank sold $75 million to local banks in a currency auction to bolster the Egyptian pound,Al Ahram reported. Prime Minister Hisham Qandil announced the resumption of talks with the IMF over a US$4.8 million loan which had ben postponed overthe referndum period.
Ashraf El-Arabi, minister of economic cooperation was quoted as saying that the government economic priorities were to achieve social justice, fight rising unemployment, end corruption, promote investments and revive the tourism sector,according to Al Ahram.
Source : https://www.marocafrik.com/english/Egyptian-Presid...