CAIRO: Egyptian President Abdel Fattah El-Sisi said on Saturday that the newly announced Decent Life Initiative for rural development would be an “unprecedented achievement” for Egypt.
During an inspection of road developments within the Together We Build the Future initiative, El-Sisi said that “citizens must see the amount of work that will be done” to develop the Egyptian countryside under the new project.
He added: “I dream that what is being accomplished pleases our Lord and then pleases us. The lives of people in the villages must be changed, and there must be cooperation from the people in the villages so that they help in the final output.”
El-Sisi said that there will be a competition for the best center, governorate and village within the initiative, adding that the rewards will be “big and meaningful.”
The Decent Life Initiative is working to develop about 4,600 Egyptian villages by building 175 administrative centers in 20 governorates.
The most impoverished villages were targeted for funding according to data and surveys by the Central Agency for Mobilization and Statistics, in coordination with government ministries and other authorities.
So far, the initiative has succeeded in reducing poverty rates and providing critical services to targeted villages.
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El-Sisi: Decent Life Initiative ‘unprecedented achievement for Egypt’
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El-Sisi: Decent Life Initiative ‘unprecedented achievement for Egypt’
- El-Sisi said that there will be a competition for the best center, governorate and village within the initiative
- The Decent Life Initiative is working to develop about 4,600 Egyptian villages by building 175 administrative centers in 20 governorates
Iran’s currency drops to record low against dollar, tracking websites say
DUBAI: Iran’s currency dropped to a record low of 1,500,000 rials to the US dollar on Tuesday, according to Iranian currency tracking websites, weeks after protests sparked by the rial’s dwindling value rocked the country.
The rial has lost about 5 percent of its value over the course of this month, according to data from the currency tracking website Bonbast.com.
Iran’s newly appointed Central Bank Governor Abdolnaser Hemmati said on Tuesday that “the foreign exchange market is following its natural course.”
What began as protests on December 28 over economic hardship in Tehran’s Grand Bazaar quickly morphed into the worst legitimacy crisis for Iran’s clerical establishment as it spread across the country with protesters demanding a political change.
Security forces crushed the unrest, which abated earlier this month, with the bloodiest crackdown since the 1979 Islamic Revolution.
Subsidy reform
Amid the protests, the government had introduced a subsidy reform, replacing preferential currency exchange rates for importers with direct transfers to Iranians to boost their purchasing power for essential goods.
Iran’s First Vice President Mohammadreza Aref defended the policy on Monday, saying corruption had made preferential rates ineffective in tackling inflation for basic goods, and that the new system aimed at stabilising the foreign exchange rate.
Monthly inflation for households has continued to rise, with year-on-year inflation reaching 60 percent for the period December 21 to January 19, according to figures released by the Statistical Center of Iran on Sunday.
Meanwhile, Iran’s online economy has been battered by an Internet blackout imposed since January 8 and still largely in place.
A government spokesperson said on Tuesday that while the government prefers free Internet access, security considerations required maintaining restrictions.
The rial has lost about 5 percent of its value over the course of this month, according to data from the currency tracking website Bonbast.com.
Iran’s newly appointed Central Bank Governor Abdolnaser Hemmati said on Tuesday that “the foreign exchange market is following its natural course.”
What began as protests on December 28 over economic hardship in Tehran’s Grand Bazaar quickly morphed into the worst legitimacy crisis for Iran’s clerical establishment as it spread across the country with protesters demanding a political change.
Security forces crushed the unrest, which abated earlier this month, with the bloodiest crackdown since the 1979 Islamic Revolution.
Subsidy reform
Amid the protests, the government had introduced a subsidy reform, replacing preferential currency exchange rates for importers with direct transfers to Iranians to boost their purchasing power for essential goods.
Iran’s First Vice President Mohammadreza Aref defended the policy on Monday, saying corruption had made preferential rates ineffective in tackling inflation for basic goods, and that the new system aimed at stabilising the foreign exchange rate.
Monthly inflation for households has continued to rise, with year-on-year inflation reaching 60 percent for the period December 21 to January 19, according to figures released by the Statistical Center of Iran on Sunday.
Meanwhile, Iran’s online economy has been battered by an Internet blackout imposed since January 8 and still largely in place.
A government spokesperson said on Tuesday that while the government prefers free Internet access, security considerations required maintaining restrictions.
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