El Sisi’s take on the float:President Abdel Fattah El Sisi’s addressed Egyptians for the first time since Wednesday — when the central bank floated the currency and hiked rates — yesterday in a speech during the Armed Forces Cultural Symposium.

Why now? El Sisi refused to allow an EGP float last year due to “national security reasons,” he said (watch, runtime: 2:14:48). Egypt needed “a large amount of funding” to regulate the market prior to a float, which was acquired via the USD 35 bn Ras El Hekma project and the larger IMF package we secured last week.

On the bright side: Egypt has lived in a major crisis for the past four years but “it will not be long before the Egyptians celebrate the fruits of their dedication, patience and investments in building the future of this homeland,” El Sisi added.

AND- The reconstruction of Gaza will cost over USD 90 bn according to early estimates, El Sisi said. “Egypt is committed to pursuing efforts toward reaching a ceasefire [in Gaza], delivering aid, and providing relief to those affected by this massive disaster. Egypt will tirelessly work, no matter the cost, toward securing the brotherly Palestinian people’s legitimate rights in their independent state,” El Sisi said.

El Sisi’s speech received wide coverage: Kelma Akhira (watch, runtime: 2:19 | 3:46), Ala Masouleety (watch, runtime: 3:46 | 2:42), Masa’a DMC (watch, runtime: 1:46), and Al Hayah Al Youm (watch, runtime: 6:42) all had coverage.

ALSO ON THE AIRWAVES-

#1- Authorities crack down on corrupt officials: Several employees at the Social Solidarity Ministry have been arrested on charges of forgery, embezzlement of public funds, and bribery, reported eXtra News (watch, runtime: 1:43).

#2- Al Ahly crowned Egypt Cup victors: Al Ahly Club wonthe Egypt Cup after defeating Zamalek 2-0 on Friday. The victory was celebrated across the airwaves with coverage from Kelma Akira (watch, runtime: 6:43) and Ala Masouleety (watch, runtime: 3:54).

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