Egypt’s new leader Abdel Fattah al-Sisi is seeking advisors from Western countries. Egypt, the most populous Middle Eastern country, has been struggling with its economy and now plans to bring in outside help to get back on track.
Winning in a landslide victory, the former military chief was sworn into the office last Sunday. He called for unity, while swearing that there will be no reconciliation with those who took up arms against the government.
El-Sisi said, “There will be reconciliation between the sons of our nation except those who had committed crimes against them or adopted violence… There will be no acquiescence of laxity shown to those who resorted to violence.”
El-Sisi did not mention the Muslim Brotherhood, which had been declared a terrorist group last December. The removal of the Muslim Brotherhood from power has created a stronger alliance from the Gulf region, including the United Arab Emirates, Saudi Arabia and Kuwait.
The economy is looking to improve with these swift changes to its government, with a rate of 3.2 percent for the end of 2015 predicted. However, the country has also seen the rapid rise of unemployment and poverty in its regions. El-Sisi also vowed to fight corruption, a huge issue the country is facing.
An official told Reuters, “This should be changed, but that’s a political decision. Bermuda-based Lazard can only make recommendations, but in the end the government will decide. The official was making reference to the efforts the American bank is taking by bringing specialists to Egypt to do research on reforms.
If Egypt accepts money from U.S. banks such as Lazard, it would begin to build the trust necessary to increase investments.
An official told Reuters, “UAE are involved in the process, as they are among the country’s lenders. Lending money is not enough in itself. You also need to make sure the government has the means to identify what needs to change and execute it.”