After dissolving parliament and delaying election results, Egypt released the news of its new president on June 24. Dr. Mohamed Moursy is the first democratically-elected leader of Egypt since its January 25, 2011 revolution resulted in the ousting of Hosni Mubarak.
The Muslim Brotherhood candidate claimed victory with a narrow margin at just 52% of the vote pledging equal rights for all Egyptians including Christians and women. He said: “Egypt is for all Egyptians. We are all equal in rights and responsibilities before this nation.” The president-elect also said he would uphold all existing treaties including the Camp David Peace Accord with Israel; however, he added that both sides must uphold the provisions set forth in the agreement.
Morsi plans on carrying out Muslim Brotherhood’s second-in-command and top financier, Khairet el-Shater’s 12-year Renaissance Project. el-Shater was initially the Muslim Brotherhood’s presidential option, but he was banned from running by the election commission. The scheme entails several stages with the first to stabilize the political and security situation by consolidating a political system based on the rotation of power, respecting human rights, and restructuring security measures. Following will be a development plan that will attempt to revive both the private sector and civil society.
el-Shater’s strategy also includes many development projects, including the power generation sector. He was previously cited as saying that the state could not continue to fund the country’s rising energy demand, but instead must depend on the private sector. If this is ideal is upheld, Egypt’s fuel subsidies could be coming to an end. It is unclear if the party will incorporate a gradual step down from the subsidies, but if not, instability will arise at least for the short-term until the private sector participation within the sector grows.
The second stage in this plan includes addressing the immediate needs of people like educational reform. And the final stage will be to reaffirm Egypt’s role internationally.
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