Sisi narrowly misses 100 % vote in Egypt’s controversial prez poll

Al Jazeera
April 3, 2018

In a result that comes as no shock to Egyptians and the rest of the world, Abdel Fattah el-Sisi has won the presidential elections with 97 percent of the votes, final results showed, securing another four-year term.

The elections were criticised as a one-man show with no credible opposition, as at least six other candidates pulled out, were prosecuted, or jailed.

Announcing the final results on Monday, Egypt's election commission said there had been a 41.5 percent turnout, lower than the 47 percent in the 2014 election.

The only other opponent who ran against el-Sisi was little-known Mousa Mostafa Mousa, who entered the race hours before the deadline and whose party had previously endorsed el-Sisi.

Preliminary results released on Thursday showed that Mousa had received just three percent of the vote, and according to The Economist, came in third place after more than one million people spoiled their ballot papers.

Some had crossed out the names of the two candidates and added the name of popular Liverpool and Egyptian national football player, Mohamed Salah, reportedly giving him twice as many votes as Mousa.

Yet the results were revised the next day to suggest that there were no spoiled ballots.

"The elections were a joke and a complete fabrication," Sarah Yerkes, a fellow at the Washington-based Carnegie Endowment for International Peace, told Al Jazeera. "They are not really a meaningful marker for the country."

'Further pain in store for Egyptians'

El-Sisi's first term in office, which he won after the military removed then-President Mohamed Morsi from power, was characterised by promises he failed to deliver on, such as eradicating "terrorism" and improving the country's economy.

Gulf countries, most notably Saudi Arabia and the United Arab Emirates, pumped billions of dollars of investments into Egypt when el-Sisi first took office, but that was paralleled by "unprecedented levels" of suppression, James Gelvin, professor of Modern Middle East History at the University of California, Los Angeles, told Al Jazeera.

"The quick infusion of cash did nothing to alleviate the Egyptian economic crisis in the long term, which is the result of poor economic planning, cronyism, and demographic explosion," he said.

The economic crisis in Egypt will be el-Sisi's priority during his second term in office, at the cost of plunging the population into further misery, Galvin said.

The professor cited a number of factors that currently afflict the economy, saying they will likely worsen, such as high unemployment rates, the curtailment of food and fuel, unprecedented income inequality, and plutocratic rule.

"In a world in which neoliberal economic policies are the sole prescription for national economies in crisis, there is only further pain in store for Egyptians," he said.

"When [former presidents] Sadat and Mubarak attempted to impose neoliberal polices, popular revolt – called IMF riots - ensued," he said.

"Under these circumstances, Sisi will undoubtedly continue the harsh repression, probably citing the threat of terrorism as the reason."

Loyalist base

The 63-year-old former commander-in-chief of the armed forces maintains a loyal base of supporters, who view him favourably as a force for stability rather than democracy.

"No one believes he is a democrat," Sarah Yerkes said. "Rather, many Egyptians are happy to sacrifice democracy if it means greater economic performance, stability, and security.

"The problem with that argument," she added, "is that Egypt's economy and security situation have both deteriorated under Sisi's authoritarian rule - not improved."

According to Gelvin, Sisi relies on continued support from the "deep state" - which includes the military, the bureaucracy and the judiciary - and its supporters.

Furthermore, the president's influence is not just contingent upon domestic support but depends on regional and international support that hinges on maintaining the status quo in the region - most notably from Saudi Arabia and the United States.

"Sisi will stay in power so long as the deep state wields the influence it does, and he continues to cow the remainder of the population," Gelvin said.

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News Network
May 4,2020

Munbai/New Delhi, May 4: India expects bad debts at its banks could double after the coronavirus crisis brought the economy to a sudden halt, a senior government official and four top bankers said.

Indian banks are already grappling with 9.35 trillion rupees ($123 billion) of soured loans, which was equivalent to about 9.1% of their total assets at the end of September 2019.

"There is a considered view in the government that bank non-performing assets (NPAs) could double to 18-20% by the end of the fiscal year, as 20-25% of outstanding loans face a risk of default," the official with direct knowledge of the matter said.

A fresh surge in bad debt could hit credit growth and delay India's recovery from the coronavirus pandemic.

"These are unprecedented times and the way it's going we can expect banks to report double the amount of NPAs from what we've seen in earlier quarters," the finance head of a top public sector bank told Reuters.

The official and bankers declined to be named as they were not officially authorized to discuss the matter with media.

India's finance ministry declined to comment, while the Reserve Bank of India and Indian Banks' Association, the main industry body, did not immediately respond to emails seeking comment.

The Indian economy has ground to a standstill amid a 40-day nationwide lockdown to rein in the spread of coronavirus cases.

The lockdown has now been extended by a further two weeks, but the government has begun to ease some restrictions in districts that are relatively unscathed by the virus.

India has so far recorded nearly 40,000 cases of the coronavirus and more than 1,300 deaths from COVID-19, the respiratory disease caused by the coronavirus.

'RIDING THE TIGER'

Bankers fear it is unlikely that the economy will fully open up before June or July, and loans, especially those to small- and medium-sized businesses which constitute nearly 20% of overall credit, may be among the worst affected.

This is because all 10 of India's largest cities fall in high-risk red zones, where restrictions will remain stringent.

A report by Axis Bank said that these red zones, which contribute significantly to India's economy, account for roughly 83% of the overall loans made by its banks as of December.

One of the sources, an executive director of a public sector bank, said that economic growth had been sluggish and risks had been heightened, even ahead of the coronavirus crisis.

"Now we have this Black Swan event which means without any meaningful government stimulus, the economy will be in tatters for several more quarters," he said.

McKinsey & Co last month forecast India's economy could contract by around 20% in the three months through June, if the lockdown was extended to mid-May, and growth in the fiscal year was likely to fall 2% to 3%.

Bankers say the only way to stem the steep rise in bad loans is if the RBI significantly relaxes bad asset recognition rules.

Banks have asked the central bank to allow all loans to be categorized as NPAs only after 180 days, which is double the current 90-day window.

"The lockdown is like riding the tiger, once we get off it we'll be in a difficult position," a senior private sector banker said.

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Agencies
February 20,2020

Tirupur, Feb 20: Nineteen people died in a collision between a Kerala State Road Transport Corporation bus and a truck near Avinashi town of Tirupur district on Thursday morning here.

The bus was on its way to Ernakulam in Kerala from Bengaluru in Karnataka when the mishap occurred.

Deputy Tehsildar of Avinashi Town informed, "19 people that include 14 men and 5 women, died in the collision between the bus and the truck near Avinashi town."

The bodies have been taken to Tirupur government hospital.
Further details are awaited.

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News Network
February 16,2020

New Delhi, Feb 16: Just an hour ahead of the swearing-in ceremony, Arvind Kejriwal invited the people of Delhi again for his oath-taking ceremony at Ramlila Maidan today.

Referring himself as "son of Delhi", the AAP convener today tweeted saying, "Delhiites, your son is going to take oath as Delhi chief minister for the third time. You must come to bless your son".

The AAP national convener will be sworn-in as the Chief Minister of Delhi for the third time in a row.

Arvind Kejriwal is scheduled to take oath along with other ministers at Ramlila Maidan.

On Saturday, Kejriwal, through a tweet, has said that autorickshaw drivers, students, teachers, doctors, labourers, etc will be the "chief guests".

The guest list put out by the AAP includes ''Delhi ke Nirmata''- people who contributed to the development of the city during the last five years.

These include Sumit Nagal, a Delhi government school student and an international Tennis player, Laxman Chaudhry an auto driver, Manu Gulati a teacher and "one of the many architects of Delhi Governance Model", Dalbir Singh a farmer, Ratan Jamshed Batliboi - the architect of the famous Signature Bridge among others.

By winning 62 seats by cashing in on the plank of development, his party nearly repeated its 2015 performance, sweeping the Assembly polls in the face of a high-voltage campaign by the BJP, which had fielded a battery of Union Ministers and Chief Ministers in its electioneering, spearheaded by Home Minister Amit Shah.

The BJP marginally improved its tally, managing just eight seats from its 2015''s tally of three seats. The Congress failed to open its account in the second successive election.

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