Iron Fisted
"We will strike with an iron fist against anyone that threatens the security of the nation and Egyptians."
Mohammed Ibrahim, new Egyptian minister, Interior
My, how the Arabs relish threatening disorder by striking with an 'iron fist'. Truly, all those who contemplate causing chaos and misery must shiver in their desert boots with fear at the prospect of being hit with those iron fists. But it will be among Mr. Ibrahim's new duties to somehow manage to halt the weapons being smuggled from Libya and Sudan into Egypt.
And good luck on that file, since the al-Qaeda affiliated Bedouin have completely infiltrated and captured the Sinai, thanks to the Egyptian military which has withdrawn from what they obviously contemplate as an impossible task, to neutralize their activities. Failing that, Mr. Ibraham can turn his steely eye and iron fist to solving the ongoing and growing crisis of crime on Egypt's streets.
The occasion of Mr. Ibrahim's vow to dominate his file was the naming of ten new ministers to administer the affairs of Egypt under its new Muslim Brotherhood-dominated government. President Mohammed Morsi has been busy attempting to quell an apprehended insurrection against the imposition of his new draft constitution. Let alone the protests against his new dicta empowering himself.
But it is the financial crisis that Egypt faces that now consumes his attention. Tourism, from which Egypt took so much of its state income, has collapsed. Seems tourists are a tad averse to entering a country whose unstable social and political situation threatens violence at every turn. The International Monetary Fund wanted a tax increase and so did Mr. Morsi, but the population rallied and revolted, and Mr. Morsi withdrew.
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| Telegraph, U.K. |
The $4.8-billion bridging loan that Egypt so desperately requires to stay financially afloat is being withheld by the IMF. At the very time when Cairo needs to entice foreign investment and restore confidence in Egypt's economic and social stability, all these demonstrations keep interfering with Mr. Morsi's plans. Those mass protests and violent street events did nothing to restore confidence; investors are sitting on their funds, tourists gong elsewhere.
A rush on U.S. dollars developed with the upper-and-middle-class nervous about their fortunes in the country. Leading to a devaluation of the Egyptian pound which lost almost 4% of its value against the dollar. The opposition representing a coalition of liberal, secular-leaning and leftist groups joined by Copts, were left out of the new cabinet; seats were dominated by the Muslim Brotherhood, augmented by Salafists.
The Muslim Brotherhood's Freedom and Justice Party takes over the ministries of transportation, local development and supply and interior trade for a total of eight cabinet posts. The important interior and finance posts also saw themselves rejuvenated by new faces. Egypt's foreign currency reserves have halved since 2011, its central bank warning that reserve levels are at a "critical minimum".
But all's well in Egypt. With the new cabinet in place Egypt's Prime Minister Hesham Kandil, whom the opposition demands must be himself ousted, confidently informed reporters he is set to meet with IMF officials "to reassure them about Egypt's situation and economic recovery in the coming period."
Period.
Labels: Crisis Politics, Economy, Egypt, Muslim Brotherhood, Political Realities, Security
posted by Pieface @ Monday, January 07, 2013
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