Egypt's Sisi begins third term, after economic bailout

CAIRO - Egypt's President Abdel Fattah al-Sisi begins his third term this week buoyed by massive fresh financing, but experts say the road out of economic crisis will still be long and arduous.He is set to begin his third term officially on Wednesday, with local media reporting that he will swear the oath before parliament the day before.

Within weeks, the United Arab Emirates announced a $35-billion land development deal for Egypt's Ras al-Hikma, the International Monetary Fund more than doubled a $3-billion loan, and the World Bank and European Union inked fresh financing agreements. The roots of Egypt's crisis, including"the pace of public spending, the state's hold on the economy, and the inflation rate", must be addressed, economic analyst and former parliamentarian Mohamed Fouad told AFP.

Concern has mounted that, without major reform, which the government has vowed to undertake, Egypt could find itself in a new cycle of crisis.

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