Egypt’s Sisi Begins Third Term Buoyed by $50 Billion Bailout
- Country in ‘race with time,’ president says after taking oath
- UAE, IMF and others are providing crucial help for economy
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Egyptian President Abdel-Fattah El-Sisi was sworn in for a third term as expectations build for wide-ranging changes after a $50 billion international bailout warded off the country’s worst economic crisis in decades.
El-Sisi took the oath of office on Tuesday, extending his rule until 2030. The ceremony took place in the North African nation’s new administrative capital, east of historic Cairo — one of the multi-billion dollar megaprojects that critics contend contributed to Egypt’s grueling foreign-currency crunch.