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Egypt hopes el-Sisi can reignite economy

El-Sisi is expected to win the election easily and his first task will be to rebuild infrastructure and business confidence.
28.05.14 | Source: Business Excellence

Egypt's two day election started at 0600 GMT on May 26 following more than three years of political upheaval that has seen the overthrow of two presidents overthrown, civil unrest in which thousand have lost their lives, a spate of terrorist attacks and, as a result, an economy in tatters.

Sisi has positioned himself as a strong leader who can restore stability to Egypt and turn the economy around. He is expected to win effortlessly over his only opponent, Hamdeen Sabbahi, who is fighting on an anti-corruption platform. The armed forces and police are guarding polling stations across the country, which has seen a surge in deadly attacks after Mohamed Morsi's overthrow last July. Sisi on the other hand has vowed to eradicate the Muslim Brotherhood and put an end to terrorism.

High on the agenda will be energy subsidies. Sisi has hinted that he favours cutting subsidies, a move seen as essential if fiscal stability is to be restored, however cuts would be an unpopular move, potentially sparking off further public unrest which is the last thing he needs. Nevertheless business leaders have reportedly made it known they regard the subsidies on fuel and electricity as something that will have to be pruned back if public finances are not to collapse.

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