Egypt's Morsi calls for unity, vows to fix economy

 
Egypt's President Mohamed Morsi urged all political powers on Wednesday to take part in a national dialogue to resolve lingering tensions and promised to take necessary steps to heal the economy.
   
In his first address to the nation since the adoption of a new constitution, he said he was considering possible cabinet changes and planned to introduce incentives to make Egypt a more attractive investment destination.
   
"The coming days will witness, God willing, the launch of new projects ... and a package of incentives for investors to support the Egyptian market and the economy," he said in a televised speech.


Earlier, Egyptian President Mohamed Morsi signed into law a new constitution shaped by his Islamist allies, a bitterly contested document which he insists will help to end political turmoil and allow him to focus on fixing the economy.           

Anxiety about a deepening political and economic crisis has gripped Egypt in past weeks, with many people rushing to buy dollars and withdraw their savings from banks. The government has imposed new restrictions to reduce capital flight.                           

The new constitution, which the liberal opposition says betrays Egypt's 2011 revolution by dangerously mixing religion and politics, has polarized the Arab world's most populous nation and prompted occasionally violent protest on the streets.                                

The presidency said on Wednesday that Morsi had formally approved the constitution the previous evening, shortly after results showed that Egyptians had backed it in a referendum.              

The text won about 64 percent of the vote, paving the way for a new parliamentary election in about two months.                                   

The charter states that the principles of sharia, Islamic law, are the main source of legislation and that Islamic authorities will be consulted on sharia - a source of concern to the Christian minority and others.              

The referendum result marked yet another electoral victory for the Islamists since veteran autocrat Hosni Mubarak was toppled in 2011, following parliamentary elections last year and the presidential vote that brought Morsi to power this year.                                


In this context, Egypt's government asked parliament Wednesday to prioritize legislation to organize parliamentary elections, regulate the media and fight corruption as the upper chamber held its first session with temporary new powers granted by the constitution.                            


The Islamist-dominated Shura Council, the traditionally toothless upper house, was granted temporary legislative powers under the new constitution and began its work a day after the official results of the referendum were released, showing the charter passed with a nearly 64 percent "yes" vote. It will legislate until elections for a new lower house are held within two months.  

The disputed, Islamist-drafted constitution deeply divided the nation, though its supporters insisted it would pave the way for more stability in Egypt and the building up of state institutions.                              

In its first act after the constitution passed, the Shura Council convened to swear in 90 new members appointed by Morsi. Two-thirds of the council's 270 members are elected, and one-third are appointed by the president.                

Speaking to the council, the Cabinet minister in charge of parliamentary affairs, Mohammed Mahsoub, said the government will prepare new legislation for parliament to discuss, including a law to regulate the upcoming parliamentary elections, anti-corruption laws, and laws to organize Egypt's efforts to recover money from corrupt officials from the era of ousted President Hosni Mubarak.                                             

The main opposition group has rejected the constitutional process and questioned the legitimacy of the charter itself, saying it was rushed through without enough national consensus.                

The largely liberal and secular opposition has rejected presidential appointments to the upper house. It says it will instead contest the upcoming parliamentary elections and hopes to achieve a sizeable representation to challenge the constitution.                

The opposition will be watching the Shura Council to see whether new legislation increases civil liberties and addresses poverty and social inequalities  or increases the ability of the state to crack down on its critics and impose an Islamist rule, as many fear.                      

Critics say the new constitution enshrines Islamic rule in Egypt, restricts freedoms and ignores the rights of women and minorities.       

On Tuesday night, angry protesters set some tyres alight on one of Cairo's main bridges, blocking traffic to protest about the results of Egypt's referendum on a new constitution.                 

The opposition had campaigned against the constitution, charging that it would usher in Islamic rule in Egypt and restrict freedoms and has vowed to challenge the results.


REUTERS/AP